Policy Analysis and Forecasting in the World Economy : A Panel Unobserved Components Approach ISBN: 9781475599565 Platform/Publisher: Ebook Central / International Monetary Fund Digital rights:Users: Unlimited; Printing: Limited; Download: 7 Days at a Time Subjects: Economics; Business/ Management;
This paper develops a structural macroeconometric model of the world economy, disaggregated into thirty five national economies. This panel unobserved components model features a monetary transmission mechanism, a fiscal transmission mechanism, and extensive macrofinancial linkages, both within and across economies. A variety of monetary policy analysis, fiscal policy analysis, spillover analysis, and forecasting applications of the estimated model are demonstrated, based on a Bayesian framework for conditioning on judgment.