Some Simulation Properties of the Major Euro Area Economies in MULTIMOD
International Monetary Fund, 2003 - Dépenses publiques - Pays de l'Union européenne - Modèles économétriques - 30 pages
This paper was prepared as part of a euro area macroeconomic model comparisons project. Four standard macroeconomic experiments are considered to illustrate the differences in dynamic adjustment properties of two versions of MULTIMOD, the IMF's multicountry macroeconomic model. One version of MULTIMOD that is examined contains separate country blocks for the three major economies in the euro area, Germany, France, and Italy. The second, more recent version, contains a single block describing the behavior of the whole euro area.
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0.0 Contributions 0.0 Core Inflation 0.0 CPI Inflation 0.0 Government 0.0 Investment 0.0 Net Exports 0.0 Nominal Short-Term 0.0 Real Short-Term aggregate demand Aggregate Euro Model aggregate model Area Real GDP baseline unless Consumption 0.11 decline in government deviation from baseline disaggregated model estimate euro area countries Euro Area Real Euro Model Real Exchange Rate U.S. fiscal expenditure multipliers fiscal policy France Real GDP Germany Real GDP Government 0.00 government expenditure impact Inflation 0.11 Interest Rate 0.00 Investment 0.05 Italy Real GDP liquidity constrained consumers long-run Mark IIIB version Model Real GDP monetary authority monetary policy NAIRU Nominal Exchange Rate nominal interest rate Nominal Short-Term Interest output gap percent or percentage percentage point deviation Phillips curve potential output proportion of liquidity public debt real activity Real Competitiveness Index real interest rates Real Short-Term Interest shock Short-Term Interest Rate simulation results Steady State Aggregate Total Factor Productivity unless stated otherwise version of MULTIMOD