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Oil price movements and the global economy: A model-based assessment
Elekdag, Selim; Lalonde, René; Laxton, Douglas; Muir, Dirk - 2007
We develop a five-region version (Canada, an oil exporter, the United States, emerging Asia and Japan plus the euro area) of the Global Economy Model (GEM) encompassing production and trade of crude oil, and use it to study the international transmission mechanism of shocks that drive oil...
Persistent link: https://www.econbiz.de/10010279922
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The Benefits of International Policy Coordination Revisited
Benes, Jaromir; Kumhof, Michael; Laxton, Douglas; Muir, Dirk - International Monetary Fund (IMF) - 2013
This paper uses two of the IMF’s DSGE models to simulate the benefits of international fiscal and macroprudential policy coordination. The key argument is that these two policies are similar in that, unlike monetary policy, they have long-run effects on the level of GDP that need to be...
Persistent link: https://www.econbiz.de/10011142005
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Financial Crises in DSGE Models: A Prototype Model
Benes, Jaromir; Kumhof, Michael; Laxton, Douglas - International Monetary Fund (IMF) - 2014
This paper presents the theoretical structure of MAPMOD, a new IMF model designed to study vulnerabilities associated with excessive credit expansions, and to support macroprudential policy analysis. In MAPMOD, bank loans create purchasing power that facilitates adjustments in the real economy....
Persistent link: https://www.econbiz.de/10010790398
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Financial Crises in DSGE Models: Selected Applications of MAPMOD
Benes, Jaromir; Kumhof, Michael; Laxton, Douglas - International Monetary Fund (IMF) - 2014
This paper, together with a technical companion paper, presents MAPMOD, a new IMF model designed to study vulnerabilities associated with excessive credit expansions, and to support macroprudential policy analysis. In MAPMOD, bank loans create purchasing power that facilitates adjustments in the...
Persistent link: https://www.econbiz.de/10010790408
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The Case for Global Fiscal Stimulus
Lee, Jaewoo; Laxton, Douglas; Kumhof, Michael; … - International Monetary Fund (IMF) - 2009
Persistent link: https://www.econbiz.de/10010790469
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Why Inflation Targeting?
Freedman, Charles; Laxton, Douglas - International Monetary Fund (IMF) - 2009
This is the second chapter of a forthcoming monograph entitled "On Implementing Full-Fledged Inflation-Targeting Regimes: Saying What You Do and Doing What You Say." We begin by discussing the costs of inflation, including their role in generating boom-bust cycles. Following a general discussion...
Persistent link: https://www.econbiz.de/10004999955
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Simple, Implementable Fiscal Policy Rules
Kumhof, Michael; Laxton, Douglas - International Monetary Fund (IMF) - 2009
budget rule, automatic stabilizers significantly improve welfare. But they minimize fiscal instrument volatility rather than … business cycle volatility. A more aggressively countercyclical tax revenue gap rule increases welfare gains by around 50 … enters private utility, government spending. The welfare gains are significantly lower for more open economies. …
Persistent link: https://www.econbiz.de/10004999963
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Chile's Structural Fiscal Surplus Rule; A Model-Based Evaluation
Kumhof, Michael; Laxton, Douglas - International Monetary Fund (IMF) - 2009
The paper analyzes Chile's structural balance fiscal rule in the face of copper price shocks originating in foreign copper demand. It uses a version of the IMF's Global Integrated Monetary and Fiscal Model (GIMF) that includes a copper sector. Two results are obtained. First, Chile's current...
Persistent link: https://www.econbiz.de/10004999965
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GEM; A New International Macroeconomic Model
Bayoumi, Tamim; Faruqee, Hamid; Laxton, Douglas; Karam, … - International Monetary Fund (IMF) - 2004
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...
Persistent link: https://www.econbiz.de/10005590952
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A Practical Model-Based Approach to Monetary Policy Analysis: Overview
Laxton, Douglas; Berg, Andrew; Karam, Philippe D - International Monetary Fund (IMF) - 2006
This paper motivates and describes an approach to forecasting and monetary policy analysis based on the use of a simple structural macroeconomic model, along the lines of those in use in a number of central banks. It contrasts this approach with financial programming and its emphasis on monetary...
Persistent link: https://www.econbiz.de/10005768925