IMF Staff Papers articles from July 2008

IMF Staff Papers archives from July 2008

Foreword.(Editorial)(Brief article)
July 1, 2008... IMF Staff Papers (2008) 55, 211-212. doi:10.1057/imfsp.2008.10 This special issue of IMF Staff Papers, edited by Douglas Laxton, is devoted to the Global Economy Model (GEM). The GEM and the IMF's other dynamic stochastic general...

Getting to know the Global Economy Model and its philosophy.
July 1, 2008... This paper provides a nontechnical introduction to the IMF's Global Economy Model (GEM). GEM is a modern dynamic stochastic general equilibrium (DSGE) model that has been designed for studying a range of issues that cannot be adequately...

The Global Economy Model: theoretical framework.
July 1, 2008... This paper has two purposes. First, it provides a thorough exposition of the theoretical framework underlying the Global Economy Model (GEM), as the model stands in early 2008. Second, it discusses a number of variants and alternative features...

The impact on the United States of the rise in energy prices: does the source of the energy market imbalance matter?
July 1, 2008... This paper uses a variant of the IMF's Global Economy Model (GEM) to illustrate how the macroeconomic impact on the United States of the rise in energy prices since the end of 2003 may vary depending on the source of the energy market...

Oil Price movements and the global economy: a model-based assessment.
July 1, 2008... This paper develops a five-region version--Canada, a group of oil-exporting countries, the United States, emerging Asia, and Japan plus the euro area--of the global economy model encompassing production and trade of crude oil. In the presence...

Productivity and global imbalances: the role of nontradable total factor productivity in advanced economies.
July 1, 2008... This paper investigates the role played by total factor productivity (TFP) in the tradable and nontradable sectors of the United States, the euro area, and Japan in the emergence and evolution of today's global trade imbalances. Simulation...

Inflation targeting and price-level-path targeting in the Global Economy Model: some open economy considerations.
July 1, 2008... This paper compares the capability of simple inflation targeting (IT) and price-level-path targeting (PLPT) rules to minimize inflation and output gap variability in a two-country, two-sector version of the Global Economy Model calibrated for...

The Macroeconomic costs and benefits of adopting the Euro.
July 1, 2008... This paper uses a two-country version of the global economy model to investigate some costs and benefits of a small, emerging economy's abandoning a flexible exchange rate regime in favor of adopting the currency of its main trading partner....

Why it pays to synchronize structural reforms in the Euro area across markets and countries.
July 1, 2008... Simulations with the IMF's Global Economy Model, calibrated to the European Union, suggest that there are sizable long-term gains in output and employment from boosting competition in product and labor markets. Coordinating reforms across these...