Policy and Spillover Analysis in the World Economy: A Panel Dynamic Stochastic General Equilibrium Approach
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Summary:
This paper develops a structural macroeconometric model of the world economy, disaggregated into forty national economies. This panel dynamic stochastic general equilibrium model features a range of nominal and real rigidities, extensive macrofinancial linkages, and diverse spillover transmission channels. A variety of monetary policy analysis, fiscal policy analysis, spillover analysis, and forecasting applications of the estimated model are demonstrated. These include quantifying the monetary and fiscal transmission mechanisms, accounting for business cycle fluctuations, and generating relatively accurate forecasts of inflation and output growth.
Series:
Working Paper No. 2014/200
Subject:
Central bank policy rate Consumption Dynamic stochastic general equilibrium models Econometric analysis Inflation International trade National accounts Prices Return on investment Terms of trade
English
Publication Date:
October 30, 2014
ISBN/ISSN:
9781616355784/1018-5941
Stock No:
WPIEA2014200
Pages:
95
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