IDEAS home Printed from https://ideas.repec.org/p/fip/fedgif/267.html
   My bibliography  Save this paper

The U.K. sector of the Federal Reserve's multicountry model : the effects of monetary and fiscal policies

Author

Listed:
  • Hali J. Edison

Abstract

The purpose of this paper is to describe and to analyze in some detail the U.K. sector of the Federal Reserve's Multicountry Model (MCM). The analysis focuses on the effects of shifts in U.K. monetary and fiscal policies at three levels: 1) within the unlinked U.K. sector, 2) within the linked MCM framework, and 3) within the linked MCM under the assumption that U.K. policy shifts are coordinated with those in other countries. In comparing the unlinked MCM U.K. sector with other U.K. models such as the LBS and National Institute it is found that all the models have similar government expenditure multipliers but the components of GNP respond quite differently. The contrast between linked and unlinked simulation illustrates the importance of international feedback effects.

Suggested Citation

  • Hali J. Edison, 1985. "The U.K. sector of the Federal Reserve's multicountry model : the effects of monetary and fiscal policies," International Finance Discussion Papers 267, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgif:267
    as

    Download full text from publisher

    File URL: http://www.federalreserve.gov/pubs/ifdp/1985/267/default.htm
    Download Restriction: no
    File URL: http://www.federalreserve.gov/pubs/ifdp/1985/267/ifdp267.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Howard, David H., 1982. "The British banking system's demand for cash reserves," Journal of Monetary Economics, Elsevier, vol. 9(1), pages 21-41.
    2. Richard Berner & Peter K. Clark & Howard Howe & Sung Y. Kwack & Guy V. G. Stevens, 1976. "Modeling the international influences on the U.S. economy: a multi- country approach," International Finance Discussion Papers 93, Board of Governors of the Federal Reserve System (U.S.).
    3. Bladen-Hovell, Robin & Green, Christopher & Savage, David, 1982. "The Transmission Mechanism of Monetary Policy in Two Large-Scale Models of the UK Economy," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 44(1), pages 15-29, February.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Edward Nelson, 2019. "Karl Brunner and U.K. Monetary Debate," Finance and Economics Discussion Series 2019-004, Board of Governors of the Federal Reserve System (U.S.).
    2. Guy V. G. Stevens, 1976. "Balance of payment equations and exchange rate determination," International Finance Discussion Papers 95, Board of Governors of the Federal Reserve System (U.S.).
    3. Ray C. Fair, 1977. "Policy Effects in a Model of the Balance of Payments," Cowles Foundation Discussion Papers 452, Cowles Foundation for Research in Economics, Yale University.
    4. Richard Berner, 1976. "The goods market and the labor market of the multi-country model," International Finance Discussion Papers 97, Board of Governors of the Federal Reserve System (U.S.).
    5. Howe, Howard & Hernandez-Cata, Ernesto & Stevens, Guy & Berner, Richard & Clark, Peter & Kwack, Sung Y., 1981. "Assessing international interdependence with a multi-country model," Journal of Econometrics, Elsevier, vol. 15(1), pages 65-92, January.
    6. Ray C. Fair, 1977. "On Modeling the Economic Linkages among Countries," Cowles Foundation Discussion Papers 465, Cowles Foundation for Research in Economics, Yale University.
    7. Richard D. Haas & Peter Hooper & Lois E. Stekler & Steven A. Symansky, 1982. "Alternative approaches to general equilibrium modeling of exchange rates and capital flows: the MCM experience," International Finance Discussion Papers 213, Board of Governors of the Federal Reserve System (U.S.).
    8. Ray C. Fair, 1979. "A Multicountry Econometric Model (Revised)," NBER Working Papers 0414, National Bureau of Economic Research, Inc.
    9. Howard Howe, 1976. "Price determination in the multi-country model," International Finance Discussion Papers 98, Board of Governors of the Federal Reserve System (U.S.).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedgif:267. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ryan Wolfslayer ; Keisha Fournillier (email available below). General contact details of provider: https://edirc.repec.org/data/frbgvus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.