Posted

March 25, 2015 06:48:22 AM

Date

2015-03

Author

Michal Andrle, Patrick Blagrave, Keiko Honjo, Ben Hunt, Mika Kortelainen, René Lalonde, Douglas Laxton, Dirk Muir, Susanna Mursula, and Stephen Snudden

Affiliation

Research Department, IMF

Title

The Flexible System of Global Models – FSGM

Summary /
Abstract

The Flexible System of Global Models (FSGM) is a group of models developed by the Economic Modeling Division of the IMF for policy analysis. A typical module of FSGM is a multi-region, forward-looking semi-structural global model consisting of 24 regions. Using the three core modules focused on the G-20, the euro area, and emerging market economies, this paper outlines the theory under-pinning the model, and illustrates its macroeconomic properties by presenting its responses under a wide range of experiments, including monetary, financial, demand, supply, fiscal and international shocks.

Keywords

Monetary policy; fiscal policy; dynamic stochastic general equilibrium models; macroeconomic interdependence

URL

http://www.imf.org/external/pubs/ft/wp/2015/wp1564.pdf

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