LEADER 09457oam 22018254 450 001 9910788177403321 005 20230803200111.0 010 $a1-4755-9287-6 010 $a1-4983-8115-4 010 $a1-4843-6250-0 035 $a(CKB)2670000000587895 035 $a(EBL)1899705 035 $a(SSID)ssj0001435812 035 $a(PQKBManifestationID)11814734 035 $a(PQKBTitleCode)TC0001435812 035 $a(PQKBWorkID)11434050 035 $a(PQKB)10883534 035 $a(MiAaPQ)EBC1899705 035 $a(Au-PeEL)EBL1899705 035 $a(CaPaEBR)ebr11001054 035 $a(CaONFJC)MIL682312 035 $a(OCoLC)898771122 035 $a(IMF)WPIEE2014200 035 $a(IMF)WPIEA2014200 035 $a(EXLCZ)992670000000587895 100 $a20020129d2014 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aPolicy and Spillover Analysis in the World Economy : $eA Panel Dynamic Stochastic General Equilibrium Approach /$fFrancis Vitek 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2014. 215 $a1 online resource (96 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-61635-578-6 311 $a1-322-51030-X 320 $aIncludes bibliographical references. 327 $aCover; Contents; I. Introduction; II. The Theoretical Framework; A. The Household Sector; Consumption and Saving; Labor Supply; B. The Production Sector; Output Demand; Labor Demand and Investment; Output Supply; C. The Trade Sector; The Export Sector; The Import Sector; D. Monetary and Fiscal Policy; The Monetary Authority; The Fiscal Authority; E. Market Clearing Conditions; III. The Empirical Framework; A. Endogenous Variables; B. Exogenous Variables; IV. Estimation; A. Estimation Procedure; Cyclical Components; Parameters; B. Estimation Results; Cyclical Components; Parameters 327 $aV. Monetary and Fiscal Policy AnalysisA. Impulse Response Functions; B. Forecast Error Variance Decompositions; C. Historical Decompositions; VI. Spillover Analysis; A. Simulated Conditional Betas; B. Impulse Response Functions; VII. Forecasting; VIII. Conclusion; Appendix A. Description of the Data Set; Appendix B. Tables and Figures; Table 1. Structural Parameter Estimation Results; Figure 1. Impulse Responses to a Domestic Productivity Shock; Figure 2. Impulse Responses to a Domestic Labor Supply Shock; Figure 3. Impulse Responses to a Domestic Consumption Demand Shock 327 $aFigure 4. Impulse Responses to a Domestic Investment Demand ShockFigure 5. Impulse Responses to a Domestic Monetary Policy Shock; Figure 6. Impulse Responses to a Domestic Credit Risk Premium Shock; Figure 7. Impulse Responses to a Domestic Duration Risk Premium Shock; Figure 8. Impulse Responses to a Domestic Equity Risk Premium Shock; Figure 9. Impulse Responses to a Domestic Fiscal Expenditure Shock; Figure 10. Impulse Responses to a Domestic Fiscal Revenue Shock; Figure 11. Impulse Responses to a World Energy Commodity Price Markup Shock 327 $aFigure 12. Impulse Responses to a World Nonenergy Commodity Price Markup ShockFigure 13. Forecast Error Variance Decompositions of Consumption Price Inflation; Figure 14. Forecast Error Variance Decompositions of Output; Figure 15. Forecast Error Variance Decompositions of Private Consumption; Figure 16. Forecast Error Variance Decompositions of Private Investment; Figure 17. Forecast Error Variance Decompositions of the Nominal Policy Interest Rate; Figure 18. Forecast Error Variance Decompositions of the Real Effective Exchange Rate 327 $aFigure 19. Forecast Error Variance Decompositions of the Unemployment RateFigure 20. Forecast Error Variance Decompositions of the Fiscal Balance Ratio; Figure 21. Forecast Error Variance Decompositions of the Current Account Balance Ratio; Figure 22. Historical Decompositions of Consumption Price Inflation; Figure 23. Historical Decompositions of Output Growth; Figure 24. Historical Decompositions of the Unemployment Rate; Figure 25. Simulated Conditional Betas of Output; Figure 26. Peak Impulse Responses to Foreign Productivity Shocks 327 $aFigure 27. Peak Impulse Responses to Foreign Labor Supply Shocks 330 3 $aThis paper develops a structural macroeconometric model of the world economy, disaggregated into forty national economies. This panel dynamic stochastic general equilibrium model features a range of nominal and real rigidities, extensive macrofinancial linkages, and diverse spillover transmission channels. A variety of monetary policy analysis, fiscal policy analysis, spillover analysis, and forecasting applications of the estimated model are demonstrated. These include quantifying the monetary and fiscal transmission mechanisms, accounting for business cycle fluctuations, and generating relatively accurate forecasts of inflation and output growth. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2014/200 606 $aCapital movements$xEconometric models 606 $aMonetary policy$xEconometric models 606 $aFiscal policy$xEconometric models 606 $aBusiness cycles$xEconometric models 606 $aBanks and Banking$2imf 606 $aEconometrics$2imf 606 $aExports and Imports$2imf 606 $aInvestments: General$2imf 606 $aMacroeconomics$2imf 606 $aInflation$2imf 606 $aBayesian Analysis: General$2imf 606 $aMultiple or Simultaneous Equation Models: Models with Panel Data$2imf 606 $aModel Construction and Estimation$2imf 606 $aForecasting and Other Model Applications$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aBusiness Fluctuations$2imf 606 $aCycles$2imf 606 $aFinancial Markets and the Macroeconomy$2imf 606 $aMonetary Policy$2imf 606 $aFiscal Policy$2imf 606 $aOpen Economy Macroeconomics$2imf 606 $aEmpirical Studies of Trade$2imf 606 $aInvestment$2imf 606 $aCapital$2imf 606 $aIntangible Capital$2imf 606 $aCapacity$2imf 606 $aMacroeconomics: Consumption$2imf 606 $aSaving$2imf 606 $aWealth$2imf 606 $aComputable and Other Applied General Equilibrium Models$2imf 606 $aInterest Rates: Determination, Term Structure, and Effects$2imf 606 $aInternational economics$2imf 606 $aEconometrics & economic statistics$2imf 606 $aBanking$2imf 606 $aTerms of trade$2imf 606 $aReturn on investment$2imf 606 $aConsumption$2imf 606 $aDynamic stochastic general equilibrium models$2imf 606 $aCentral bank policy rate$2imf 606 $aNational accounts$2imf 606 $aInternational trade$2imf 606 $aEconometric analysis$2imf 606 $aPrices$2imf 606 $aEconomic policy$2imf 606 $anternational cooperation$2imf 606 $aSaving and investment$2imf 606 $aEconomics$2imf 606 $aEconometric models$2imf 606 $aInterest rates$2imf 607 $aUnited Kingdom$2imf 615 0$aCapital movements$xEconometric models. 615 0$aMonetary policy$xEconometric models. 615 0$aFiscal policy$xEconometric models. 615 0$aBusiness cycles$xEconometric models. 615 7$aBanks and Banking 615 7$aEconometrics 615 7$aExports and Imports 615 7$aInvestments: General 615 7$aMacroeconomics 615 7$aInflation 615 7$aBayesian Analysis: General 615 7$aMultiple or Simultaneous Equation Models: Models with Panel Data 615 7$aModel Construction and Estimation 615 7$aForecasting and Other Model Applications 615 7$aPrice Level 615 7$aDeflation 615 7$aBusiness Fluctuations 615 7$aCycles 615 7$aFinancial Markets and the Macroeconomy 615 7$aMonetary Policy 615 7$aFiscal Policy 615 7$aOpen Economy Macroeconomics 615 7$aEmpirical Studies of Trade 615 7$aInvestment 615 7$aCapital 615 7$aIntangible Capital 615 7$aCapacity 615 7$aMacroeconomics: Consumption 615 7$aSaving 615 7$aWealth 615 7$aComputable and Other Applied General Equilibrium Models 615 7$aInterest Rates: Determination, Term Structure, and Effects 615 7$aInternational economics 615 7$aEconometrics & economic statistics 615 7$aBanking 615 7$aTerms of trade 615 7$aReturn on investment 615 7$aConsumption 615 7$aDynamic stochastic general equilibrium models 615 7$aCentral bank policy rate 615 7$aNational accounts 615 7$aInternational trade 615 7$aEconometric analysis 615 7$aPrices 615 7$aEconomic policy 615 7$anternational cooperation 615 7$aSaving and investment 615 7$aEconomics 615 7$aEconometric models 615 7$aInterest rates 676 $a332.820971 700 $aVitek$b Francis$01485142 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788177403321 996 $aPolicy and Spillover Analysis in the World Economy$93869075 997 $aUNINA