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Expansion of Country Models

Author

Listed:
  • Ed Cornforth
  • Patricia Sánchez Juanino

Abstract

The National Institute Global Econometric Model (NIGEM) serves globally as a key macroeconomic instrument for economists and policymakers to understand the intricate economic dynamics across countries, with a specific focus on examining scenarios. Within NIGEM, countries can exhibit differences in specification, particularly regarding the labour market, government sector, and components of domestic demand. Models with a complete specification are defined as "full country models," while those with a more simplified specification are named "reduced country models". In this paper, we analyse how this differentiation impacts NIGEM outputs and identify the primary driving forces in each model type, using as examples the recent expansions of the Malaysian and Romanian models.

Suggested Citation

  • Ed Cornforth & Patricia Sánchez Juanino, 2024. "Expansion of Country Models," National Institute of Economic and Social Research (NIESR) Discussion Papers 558, National Institute of Economic and Social Research.
    • Handle: RePEc:nsr:niesrd:558
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    Keywords

    modelling; macroeconomics;

    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications
    • F47 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Forecasting and Simulation: Models and Applications

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