This paper provides a full technical account of the Italian General Equilibrium Model (IGEM), a new dynamic general equilibrium model for the Italian economy developed at the Department of Treasury of the Italian Ministry of the Economy and Finance. IGEM integrates typical New Keynesian...

This paper extends IGEM, the dynamic general equilibrium model for the Italian economy currently in use at the Italian Department of the Treasury for economic policy analysis. In this new variant of the model the public sector is explicitly modelled as suppliers of goods and services. With this...

This paper provides a full technical description of a variant of the Italian General Equilibrium Model (IGEM), a dynamic general equilibrium model used as a laboratory for policy analysis at the Department of the Italian Treasury. This version of IGEM presents four specific key features: (i)...

This paper analyses the issue of price level determinacy in an optimising general equilibrium model with overlapping generations. It is shown that under a pure interest rate peg, wealth effects rule out nominal indeterminacy but give rise to multiple equilibria