Banks in The Global Integrated Monetary and Fiscal Model

Information about Western Hemisphere Hemisferio Occidental

Journal Issue

Volume/Issue:: 2015/150
Series:: IMF Working Papers
Author(s):: Michal Andrle, Michael Kumhof, Douglas Laxton, and Dirk Muir
Publisher:: INTERNATIONAL MONETARY FUND
Published Date:: July 2015
DOI:: http://dx.doi.org/10.5089/9781513532967.001
ISBN:: 9781513532967
ISSN:: 1018-5941
Page:: 49

The Global Integrated Monetary and Fiscal model (GIMF) is a multi-region DSGE model developed by the Economic Modeling Division of the IMF for policy and scenario analysis. This paper compares two versions of GIMF, GIMF with a conventional financial accelerator, where bank balance sheets do not play a prominent role, and GIMF with both a financial accelerator and a fully specified banking sector that can make lending losses, and that is regulated according to Basel-III. We illustrate the comparative macroeconomic properties of both models by presenting their responses to a wide range of fiscal, demand, supply and financial shocks.

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Banks in The Global Integrated Monetary and Fiscal Model