Occasional Papers

GEM: A New International Macroeconomic Model

By Tamim Bayoumi, Hamid Faruqee, Douglas Laxton, Philippe D Karam, Alessandro Rebucci, Jaewoo Lee, Benjamin L Hunt, Ivan Tchakarov

November 30, 2004

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Format: Chicago

Tamim Bayoumi, Hamid Faruqee, Douglas Laxton, Philippe D Karam, Alessandro Rebucci, Jaewoo Lee, Benjamin L Hunt, and Ivan Tchakarov. GEM: A New International Macroeconomic Model, (USA: International Monetary Fund, 2004) accessed April 27, 2025, https://0-doi-org.library.svsu.edu/10.5089/9781589063754.084

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Summary

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.

Subject: Consumption, Emerging and frontier financial markets, Financial markets, Inflation, Labor, National accounts, Oil prices, Prices

Keywords: Consumption, Emerging and frontier financial markets, GEM, GEM refinement, GEM simulation, Global, Inflation, Macroeconomics literature, Market, Oil price hike, Oil prices, OP, Open economy, Policy model

Publication Details

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