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ICoopera - Conocimiento para el Desarrollo

Translation of an opinion piece first publish in Le Nouvel Observateur (in French) on 12 December 2013.

[Artículo en la fuente original]

This paper develops a structural macroeconometric model of the world economy, disaggregated into thirty five national economies. This panel unobserved components model encompasses an approximate linear panel dynamic stochastic general equilibrium model featuring a monetary transmission mechanism, a fiscal transmission mechanism, and extensive macrofinancial linkages, both within and across economies. A variety of monetary policy analysis, fiscal policy analysis, spillover analysis, and forecasting applications of the estimated model are demonstrated, based on a Bayesian framework for conditioning on judgment.

[Artículo en la fuente original]

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