The Global Integrated Monetary and Fiscal model (GIMF) is a multi-region DSGE model developed by the Economic Modeling Division of the IMF for policy and scenario analysis. This paper compares two versions of GIMF, GIMF with a conventional financial accelerator, where bank balance sheets do not...

This paper documents the extension of MEDSEA, a small open economy DSGE model for Malta, with a detailed energy sector. The model contains relatively rich fiscal and energy blocks allowing the model to simulate the transitional costs related to the economy's decarbonisation, together with the...

The purpose of this paper is to analyse whether fiscal policies can alleviate the effects of the zero lower bound (ZLB) on interest rates and if they should be coordinated internationally. The analysis is carried out using EAGLE, a DSGE model of the global economy. We consider that the fiscal...

The purpose of this paper is to analyse whether fiscal policies can alleviate the effects of the zero lower bound (ZLB) on interest rates and if they should be coordinated internationally. The analysis is carried out using EAGLE, a DSGE model of the global economy. We consider that the fiscal...

We develop a dynamic stochastic quantitative model of sovereign default featuring fiscal policy, endogenous financial aid and risk-averse foreign lenders, in order to explore the role of financial aid in a default episode. After calibrating the model, we feed output shocks into the model to show...

Our aim is to explore the role of financial aid in a default episode. To that end, we develop a dynamic stochastic quantitative model of sovereign default featuring fiscal policy, endogenous financial aid and risk-averse foreign lenders. After calibrating the model, we feed output shocks into...

The COVID-19 crisis is unique in many respects and, as the IMF (2021, p. 43) puts it: "a crisis like no other". A global economic contraction occurred that was unprecedented in its speed and depth. Support packages were put together in some parts of the world that also dwarfed anything seen up...

This chapter presents MAMS (Maquette for MDG Simulations), a recursive-dynamic CGE model developed at the World Bank for analysis of medium- to long-run country strategies for low- and middle-income countries, including strategies aimed at improving MDG (Millennium Development Goals) outcomes....

This paper assesses the cyclicality and sustainability of fiscal policy in Belize and applies a stochastic simulation model to determine the optimal set of fiscal rules. The empirical analysis shows that fiscal policy in Belize has been significantly procyclical and unsustainable much of the...

This paper explores implications of climate change for fiscal policy by assessing the impact of large scale extreme weather events on changes in public budgets. We apply alternative measures for large scale extreme weather events and conclude that the budgetary impact of such events ranges...