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Getting to Know GIMF; The Simulation Properties of the Global Integrated Monetary and Fiscal Model

Anderson, Derek; Hunt, Ben; Kortelainen, Mika; Kumhof, … - International Monetary Fund (IMF) - 2013

The Global Integrated Monetary and Fiscal model (GIMF) is a multi-region, forward-looking, DSGE model developed by the Economic Modeling Division of the IMF for policy analysis and international economic research. Using a 5-region version of the GIMF, this paper illustrates the modelâ€™s...

Persistent link: https://www.econbiz.de/10011242434

Some Implications for Monetary Policy of Uncertain Exchange Rate Pass-Through

Hunt, Ben; Isard, Peter - International Monetary Fund (IMF) - 2003

The paper uses MULTIMOD to examine the implications of uncertain exchange rate pass-through for the conduct of monetary policy. From the policymaker's perspective, uncertainty about exchange rate pass-through implies uncertainty about policy multipliers and the impact of state variables on...

Persistent link: https://www.econbiz.de/10005826051

Inflation Targeting Under Potential Output Uncertainty

Gaiduch, Victor; Hunt, Ben - International Monetary Fund (IMF) - 2000

To achieve their price stability objectives, many monetary authorities use the gap between current and potential output as an indicator of future price pressures. This policy-setting strategy has been criticized because potential output estimates have a high degree of uncertainty. In this paper,...

Persistent link: https://www.econbiz.de/10005826299

The Macroeconomic Effects of Higher Oil Prices

Isard, Peter; Hunt, Ben; Laxton, Douglas - International Monetary Fund (IMF) - 2001

The paper uses MULTIMOD to analyze the macroeconomic effects of oil price shocks, distinguishing between temporary, more persistent, and permanent shocks. It provides perspectives on several findings in the literature and the key role of monetary policy in influencing macroeconomic outcomes....

Persistent link: https://www.econbiz.de/10005605097

Stabilizing Inflation in Iceland

Honjo, Keiko; Hunt, Ben - International Monetary Fund (IMF) - 2006

This paper provides some empirical estimates on how tightly is it feasible to control inflation in a very small open economy such as Iceland. Estimated macroeconomic models of Canada, Iceland, New Zealand, the United Kingdom, and the United States are used to derive efficient monetary policy...

Persistent link: https://www.econbiz.de/10005605114

The U.S. Dollar and the Trade Deficit; What Accounts for the Late 1990's?

Hunt, Ben; Rebucci, Alessandro - International Monetary Fund (IMF) - 2003

between the United States and the rest of the world, this paper asks to what extent an asymmetric productivity shock in the … second half of the 1990s. The paper concludes that the Balassa-Samuelson effect of such a productivity shock is only part of … the story. A second shock, a broadly defined “risk premium” shock, and some uncertainty about the persistence of both …

Persistent link: https://www.econbiz.de/10005605134

Monetary policy and bubbles in a new Keynesian model with overlapping generations

Galí, Jordi - 2017

Persistent link: https://www.econbiz.de/10011694755

Gains from wage flexibility and the zero lower bound

Billi, Roberto M.; Galí, Jordi - 2018 - This versión: February 2019

Persistent link: https://www.econbiz.de/10011978155

Technology Shocks and Aggregate Fluctuations; How Well Does the RBC Model Fit Postwar U.S. Data?

Galí, Jordi; Rabanal, Pau - International Monetary Fund (IMF) - 2004

Our answer: Not so well. We reached that conclusion after reviewing recent research on the role of technology as a source of economic fluctuations. The bulk of the evidence suggests a limited role for aggregate technology shocks, pointing instead to demand factors as the main force behind the...

Persistent link: https://www.econbiz.de/10005605356