The Global Integrated Monetary and Fiscal Model (GIMF) – Theoretical Structure

Labor Market Institutions, Fiscal Multipliers, and Macroeconomic Volatility

“…Importantly, the public spending is identical for all firms and provided free of charge to the end user (but not of course to the taxpayer). This approach conforms with the set-up in Kumhof et al (2010), though with full depreciation of the public capital stock in each period. We modify the production function as follows…”

The Ararat Fiscal Strategy Model: A Structural Framework for Fiscal Policy Analysis in Armenia

“…Then in quarterly terms, 𝜁 1 1 37 ⁄ / 0.9932. We also experimented with higher probabilities, as in Kumhof et al (2010) who consider a 10-year planning horizon.  Relative risk aversion parameter (𝜎).…”

“…Public capital is a public good and increases 2 For a description of STAMP, see Remo et al (2022). The model builds on more-than-a-decade efforts in academia and policymaking institutions to develop DSGE models for research and policy analysis and shares features of these models, including those in Christiano et al (2005), Buffie et al (2012), Erceg et al (2005), Gali and Monacelli (2005), Kumhof et al (2010), Melina et al (2016), Shen et al (2018), Wouters (2003, 2007), Woodford (2003). For a recent critical discussion on DSGE models, see Christiano et al (2018).…”

Challenges to Monetary Policy in the Czech Republic: L3794An Integrated Monetary and Fiscal Analysis

“…Fiscal policy is countercyclical and the monetary policy reaction reflects the inflation targeting regime in place in the Czech Republic. These features allow for the analysis of both monetary business cycles and the medium and long term effects of fiscal policies on inflation (Kumhof and Laxton, 2007b). We used here a two-country version of the model, where the "home" country is the Czech Republic, and the "rest of the world" is represented by the euro area.…”