The Mckibbin-Sachs global model
Author | : Warwick J. McKibbin |
Publisher | : |
Total Pages | : 51 |
Release | : 1989 |
Genre | : |
ISBN | : |
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Author | : Warwick J. McKibbin |
Publisher | : |
Total Pages | : 51 |
Release | : 1989 |
Genre | : |
ISBN | : |
Author | : Warwick J. McKibbin |
Publisher | : |
Total Pages | : 72 |
Release | : 1989 |
Genre | : Econometric models |
ISBN | : |
This paper presents the theoretical underpinnings of the MSG2 simulation model of the world economy. The MSG2 model is a dynamic general equilibrium model of the world economy which pays particular attention to the relation between stocks and flows and intertemporal constraints. The formation of expectations also plays an important role in the model. In the version presented here the world is divided into the U.S., Japan, Germany, the rest of the EMS, and the rest of the OECD, non-oil developing countries and OPEC.
Author | : Warwick J. McKibbin |
Publisher | : |
Total Pages | : 51 |
Release | : 1989 |
Genre | : |
ISBN | : |
Author | : Warwick J. McKibbin |
Publisher | : Brookings Institution Press |
Total Pages | : 296 |
Release | : 2011-03-01 |
Genre | : Business & Economics |
ISBN | : 0815716680 |
With the rapid deterioration of the U.S. trade balance in the 1980s, the United States was forced to finance deficits by borrowing heavily from the rest of the world. In doing so, the United States went from being the world's largest creditor country to the world's largest debtor, while Japan and West Germany experienced a rise in trade surpluses. Such a shift in international trade flows has had profound effects on the world economy. McKibbin and Sachs address a range of issues involving macroeconomic imbalances in the world economy. Through the use of a new simulation model of the world economy they explore how policy actions undertaken in one country affect the trade flows and macroeconomic patterns among the other counties. The authors show that key macroeconomic features of the 1980s can be explained by shifts in monetary and fiscal policies in the major economies and by supply shocks due to changes in oil prices. In addition to showing how the global macroeconomic experience can be understood, they focus on a number of current policy issues, including the reduction of global trade imbalances, the consequences of U.S. fiscal consolidation, the effects of an oil price shock, the implications for the U.S. economy of increases in Japanese and German fiscal spending, the effects of targeting exchange rates among the major currencies, and the gains of increased coordination of macroeconomic politics among the major economies. In several cases, their conclusions are shown to be quite different from those that form the basis of many conventional views. The authors also analyze the importance of interaction between policymakers in industrial economies and conclude by reemphasizing the need for U.S. politicians and policy experts to recognize that macroeconomic results in the U.S. now depend heavily on events abroad.
Author | : Alan A. Powell |
Publisher | : Springer Science & Business Media |
Total Pages | : 465 |
Release | : 2012-12-06 |
Genre | : Business & Economics |
ISBN | : 3642590691 |
As Ken Wallis (1993) has pOinted out, all macroeconomic forecasters and policy analysts use economic models. That is, they have a way of going from assumptions about macroeconomic policy and the international environment, to a prediction of the likely future state of the economy. Some people do this in their heads. Increasingly though, forecasting and policy analysis is based on a formal, explicit model, represented by a set of mathematical equations and solved by computer. This provides a framework for handling, in a consistent and systematic manner, the ever-increasing amounts of relevant information. Macroeconometric modelling though, is an inexact science. A manageable model must focus only on the major driving forces in a complex economy made up of millions of households and fIrms. International economic agencies such as the IMF and OECD, and most treasuries and central banks in western countries, use macroeconometric models in their forecasting and policy analysis. Models are also used for teaching and research in universities, as well as for commercial forecasting in the private sector.
Author | : Mary Morgan |
Publisher | : Routledge |
Total Pages | : 337 |
Release | : 2003-09-02 |
Genre | : Business & Economics |
ISBN | : 1134573138 |
This collection, written by highly-placed practitioners and academic economists, provides a picture of how economic modellers and policy makers interact. The book provides international case studies of particular interactions between models and policy making, and argues that the flow of information is two-way.
Author | : Mr.Jacob A. Frenkel |
Publisher | : International Monetary Fund |
Total Pages | : 508 |
Release | : 1996-04-24 |
Genre | : Business & Economics |
ISBN | : 9781557755544 |
The fiftieth anniversary of the Bretton Woods Conference served as an opportunity to reappraise the desirability of strengthening the IMF's oversight of the functioning of the international monetary system. Whatever the design of an exchange rate system and the arrangements for the provision of international liquidity, it is widely accepted that to be effective such oversight must rest on a strong analytic foundation. These two volumes, edited by Jacob A. Frenkel and Morris Goldstein, present 30 analytic papers on the system as it functioned during 1987-91 and aim at conveying the flavor of those issues that commanded close attention in the Fund's research program.
Author | : Candace Howes |
Publisher | : University of Michigan Press |
Total Pages | : 305 |
Release | : 2010-08-27 |
Genre | : Business & Economics |
ISBN | : 0472027409 |
This book argues, against the current view, that competitiveness--that is, the competitiveness of the manufacturing sector--matters to the long-term health of the U.S. economy and particularly to its long-term capacity to raise the standard of living of its citizens. The book challenges the arguments popularized most recently by Paul Krugman that competitiveness is a dangerous obsession that distracts us from the question most central to solving the problem of stagnant real income growth, namely, what causes productivity growth, especially in the service sector. The central argument is that, if the U.S. economy is to achieve full employment with rising real wages, it is necessary to enhance the competitiveness of its tradable goods sector. The book shows that current account deficits cannot be explained by macroeconomic mismanagement but are rather the consequence of an uncompetitive manufacturing sector. It finds that the long-term health of the manufacturing sector requires not only across-the-board policies to remedy problems of low or inefficient investment, but also sectoral policies to address problems that are strategic to resolving the balance of payments problems. Lessons are drawn from the experience of some European and Asian countries. This book will be of interest to economists, political scientists, and business researchers concerned with the place of the manufacturing sector in overall health of the U.S. economy, with issues of industrial policy and industrial restructuring, and with the conditions for rising standards of living. Candace Howes is Associate Professor, Barbara Hogate Ferrin Chair, Connecticut College. Ajit Singh is Professor of Economics, Queens College, Cambridge.
Author | : Aman Ullah |
Publisher | : CRC Press |
Total Pages | : 532 |
Release | : 2016-04-19 |
Genre | : Mathematics |
ISBN | : 9781420070361 |
Handbook of Empirical Economics and Finance explores the latest developments in the analysis and modeling of economic and financial data. Well-recognized econometric experts discuss the rapidly growing research in economics and finance and offer insight on the future direction of these fields. Focusing on micro models, the first group of chapters describes the statistical issues involved in the analysis of econometric models with cross-sectional data often arising in microeconomics. The book then illustrates time series models that are extensively used in empirical macroeconomics and finance. The last set of chapters explores the types of panel data and spatial models that are becoming increasingly significant in analyzing complex economic behavior and policy evaluations. This handbook brings together both background material and new methodological and applied results that are extremely important to the current and future frontiers in empirical economics and finance. It emphasizes inferential issues that transpire in the analysis of cross-sectional, time series, and panel data-based empirical models in economics, finance, and related disciplines.
Author | : Jeffrey A. Frankel |
Publisher | : MIT Press |
Total Pages | : 342 |
Release | : 1995 |
Genre | : Business & Economics |
ISBN | : 9780262061742 |
In this second collection of his writings on financial markets (the first, On Exchange Rates, covered international finance), Jeffrey Frankel turns his attention to domestic markets, with special attention to how national monetary policy is handled. The decade of the 1980s left many central bankers disillusioned with monetarism, so that the question of the optimal nominal anchor remains an open one. In this second collection of his writings on financial markets (the first, On Exchange Rates, covered international finance), Jeffrey Frankel turns his attention to domestic markets, with special attention to how national monetary policy is handled. The fifteen papers are divided into three sections, each introduced by the author. They cover, respectively, optimal portfolio diversification, indicators of expected inflation, and the determination of monetary policy in the face of uncertainty. In the first section, Frankel explores what information the theory of optimal portfolio diversification can give the macroeconomist. In the second section, he considers what economic variables central bankers might use to gauge whether monetary policy is too tight or too loose. And in the final section, he looks at the range of uncertainty over policy effects and how that complicates coordination of macroeconomic policymaking. The book concludes with a sympathetic analysis of nominal GDP targeting.