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  • Dynamic Monetary and Financial General Equilibrium Modeling
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Dynamic Monetary and Financial General Equilibrium Modeling

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  • Overview
  • Content

 

 

  • Monetary circuit
  • Flow-of-funds, balance sheets, reevaluation and transaction matrices
  • Building stock-flow-consistent monetary and financial social accounting matrices
  • Building a model with currency
  • Building a model with currency and commercial bank money
  • Introducing portfolio choice
  • Introducing long-term bonds, capital gains
  • Introducing liquidity preference
  • Introducing dynamics
  • Defining the steady-state, out-of-equilibrium and stability analysis
  • Role of expectations and mistaken expectations
  • Introducing capital accumulation and the role of inventories
  • Pricing mechanisms
  • Inflation
  • Introducing exports, imports, and capital movements
  • Fixed and flexible exchange rates
  • Alternative closures
  • Calibrating the models
  • Implementing the models using GAMS in GAMS in NLP and MCP formats
  • Formulating scenarios and running policy simulations
  • Reporting and interpreting the results

 

 

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