The Flexible System of Global Models – FSGM

67 Pages Posted: 14 Apr 2015

See all articles by Michal Andrle

Michal Andrle

International Monetary Fund (IMF)

Patrick Blagrave

International Monetary Fund (IMF)

Pedro Espaillat

International Monetary Fund (IMF)

Keiko Honjo

International Monetary Fund (IMF)

Ben Hunt

International Monetary Fund (IMF) - Research Department

Mika Kortelainen

International Monetary Fund (IMF)

Rene Lalonde

International Monetary Fund (IMF) - Research Department

Douglas Laxton

International Monetary Fund (IMF) - Research Department

Eleonora Mavroeidi

International Monetary Fund (IMF)

Dirk Muir

International Monetary Fund (IMF)

Susanna Mursula

International Monetary Fund (IMF)

Stephen Snudden

Queen's University - Department of Economics; International Monetary Fund (IMF)

Date Written: March 2015

Abstract

The Flexible System of Global Models (FSGM) is a group of models developed by the Economic Modeling Division of the IMF for policy analysis. A typical module of FSGM is a multi-region, forward-looking semi-structural global model consisting of 24 regions. Using the three core modules focused on the G-20, the euro area, and emerging market economies, this paper outlines the theory under-pinning the model, and illustrates its macroeconomic properties by presenting its responses under a wide range of experiments, including monetary, financial, demand, supply, fiscal and international shocks.

Keywords: Economic theory, Demand, Prices, Commodities, Fiscal policy, Monetary policy, Group of Twenty, General equilibrium models, dynamic stochastic general equilibrium models, macroeconomic interdependence, consumption, investment, trade, potential output, aggregate demand

JEL Classification: E12, E17, E52, E62, F41, F47

Suggested Citation

Andrle, Michal and Blagrave, Patrick and Espaillat, Pedro and Honjo, Keiko and Hunt, Benjamin and Kortelainen, Mika and Lalonde, René and Laxton, Douglas and Mavroeidi, Eleonora and Muir, Dirk and Mursula, Susanna and Snudden, Stephen, The Flexible System of Global Models – FSGM (March 2015). IMF Working Paper No. 15/64, Available at SSRN: https://ssrn.com/abstract=2594148

Michal Andrle (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Patrick Blagrave

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Pedro Espaillat

International Monetary Fund (IMF)

700 19th Street, N.W.
Washington, DC 20431
United States

Keiko Honjo

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Benjamin Hunt

International Monetary Fund (IMF) - Research Department ( email )

700 19th Street NW
Washington, DC 20431
United States

Mika Kortelainen

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

René Lalonde

International Monetary Fund (IMF) - Research Department ( email )

700 19th Street NW
Washington, DC 20431
United States

Douglas Laxton

International Monetary Fund (IMF) - Research Department ( email )

700 19th Street NW
Washington, DC 20431
United States

Eleonora Mavroeidi

International Monetary Fund (IMF)

700 19th Street, N.W.
Washington, DC 20431
United States

Dirk Muir

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Susanna Mursula

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Stephen Snudden

Queen's University - Department of Economics ( email )

99 University Avenue
Kingston K7L 3N6, Ontario
Canada

HOME PAGE: http://www.econ.queensu.ca/snudden/home

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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