Bayoumi, Tamim A.
[Author]
;
Laxton, Douglas
[Other];
Faruqee, Hamid
[Other];
Rebucci, Alessandro
[Other];
Hunt, Benjamin F.
[Other]Internationaler Währungsfonds
Description:
Over the past two years, the IMF staff has been developing a new multicountry macroeconomic model called the Global Economy Model (GEM). This paper explains why such a model is needed, how GEM differs from its predecessor model, and how the new features of the model can improve the IMF’s policy analysis. The paper is aimed at a general audience and avoids technical detail. It outlines the motivation, structure, strengths, and limitations of the model; examines three simulation exercises that have been completed; and discusses the future path of GEM