The OECD's new global model |
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| Authors: | Karine Hervé Nigel Pain Pete Richardson Franck Sédillot Pierre-Olivier Beffy |
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| Institution: | 1. Banque de France, Direction Générale des Études et des Relations Internationales, France;2. OECD, Economics Department, France;3. Banque de France, Direction Générale des Statistiques, France;4. Exane, BNP Paribas, France;1. Banque de France, Direction Générale des Études et des Relations Internationales, France;2. OECD, Economics Department, France;3. Banque de France, Direction Générale des Statistiques, France;4. Exane, BNP Paribas, France;1. Virginia State University, Department of Psychology, Petersburg, VA, United States;2. Center of Excellence on Disparities in HIV and Aging, Rush Alzheimer''s Disease Center, Chicago, IL, United States;3. Howard University, Department of Psychology, Washington, DC, United States;4. Howard University, School of Medicine, Washington, DC, United States;5. National Minority Organ and Tissue Transplant Program, Washington, DC, United States;1. Department of Preventive Medicine, College of Medicine, Chungbuk National University, Cheongju, Chungbuk 362-763, Republic of Korea;2. Environmental Health Research Division, Environmental Health Research Department, National Institute of Environmental Research, Incheon 404-708, Republic of Korea;3. Department of Preventive Medicine, Chung-Ang University, College of Medicine, Seoul 156-756, Republic of Korea |
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| Abstract: | This paper provides a summary of the OECD's new global macroeconometric model, including an overview of model structure and a selection of simulations illustrating its main properties. Compared with its predecessors, the new model is more compact and regionally aggregated, but gives more weight to the focus of policy interests in global trade and financial linkages. The country model structures typically combine short-term Keynesian-type dynamics with a consistent long-run neo-classical supply-side. While retaining a conventional treatment of international trade and payments linkages, the model has a greater degree of stock-flow consistency, with explicit modelling of domestic and international assets, liabilities and associated income streams. Account is also taken of the influence of financial and housing market developments on asset valuation and domestic expenditures via house and equity prices, interest rates and exchange rates. As a result, the model gives more prominence to wealth and wealth effects in determining longer-term outcomes and the role of asset prices in the transmission of international shocks both to goods and financial markets. |
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