The Role of MULTIMOD in the IMF's Policy Analysis

June 1, 2000

Preview Citation

Format: Chicago

Peter Isard. The Role of MULTIMOD in the IMF's Policy Analysis, (USA: International Monetary Fund, 2000) accessed November 23, 2024

Disclaimer: This Policy Dicussion Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

This paper describes the basic structure, underlying philosophy, and key behavioral properties of MULTIMOD. It also focuses on several recent applications of macromodels in the IMF’s policy analysis, emphasizing that most questions put forward for analysis with models like MULTIMOD are initially posed in ways that cannot be addressed by simply pushing a computer key. Meaningful macromodel-based policy analysis requires a sensibly structured and parameterized macromodel, but it also generally requires considerable probing of the nature of the policy issues in order to reformulate policy questions in terms of well-defined exogenous shocks.

Subject: Conventional peg, Exchange rate arrangements, Exchange rates, Expenditure, Foreign exchange, Inflation, Prices

Keywords: Conventional peg, Exchange rate, Exchange rate arrangements, Exchange rates, Global, Imprudent monetary policy reaction, Inflation, Inflation expectation, Interest rate, Macroeconomic policy analysis, Monetary policy, MULTIMOD, MULTIMOD philosophy, PDP, Reaction function, Way MULTIMOD

Publication Details

Pages:

27
Volume:

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DOI:

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Issue:

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Series:

Policy Discussion Paper No. 2000/005
Stock No:

PPIEA0052000
ISBN:

9781451972689
ISSN:

1564-5193

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