The World Bank Macro-Fiscal Model Technical Description

This paper outlines the structure and economic foundation of the World Bank's macroeconomic and fiscal model (MFMod). MFMod consists of individual country models for 181 countries. The models are used by country economists within the World Ban...

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Main Authors:	Burns, Andrew, Campagne, Benoit, Jooste, Charl, Stephan, David, Bui, Thi Thanh
Format:	Working Paper
Language:	English
Published:	World Bank, Washington, DC 2019
Subjects:	ECONOMIC MODELING ECONOMETRIC SPECIFICATION MACROECONOMIC MODEL FISCAL TRENDS FISCAL POLICY TRADE REMITTANCES EXCHANGE RATES COMMODITY PRICES
Online Access:	http://documents.worldbank.org/curated/en/294311565103938951/The-World-Bank-Macro-Fiscal-Model-Technical-Description http://hdl.handle.net/10986/32217

id	okr-10986-32217
recordtype	oai_dc
spelling	okr-10986-322172022-09-20T00:11:30Z The World Bank Macro-Fiscal Model Technical Description Burns, Andrew Campagne, Benoit Jooste, Charl Stephan, David Bui, Thi Thanh ECONOMIC MODELING ECONOMETRIC SPECIFICATION MACROECONOMIC MODEL FISCAL TRENDS FISCAL POLICY TRADE REMITTANCES EXCHANGE RATES COMMODITY PRICES This paper outlines the structure and economic foundation of the World Bank's macroeconomic and fiscal model (MFMod). MFMod consists of individual country models for 181 countries. The models are used by country economists within the World Bank's Macroeconomics, Trade and Investment Global Practice to (i) generate country forecasts and (ii) simulate various policies. Each model has a similar structure and functional form, with variation reflecting data availability and economic specialization (notably for oil exporters). Although the functional forms are similar, the parameters are country specific and estimated at the country level. Forecasts across countries are live-linked, with the export market growth of each country calculated as a trade-weighted average of imports of each of its trading partners. Remittance inflows and outflows are balanced across countries through a similar mechanism. Other cross-country linkages come through the real effective exchange rate and export and import prices, which are a function of world commodity prices and local cost considerations. 2019-08-08T14:01:24Z 2019-08-08T14:01:24Z 2019-08 Working Paper http://documents.worldbank.org/curated/en/294311565103938951/The-World-Bank-Macro-Fiscal-Model-Technical-Description http://hdl.handle.net/10986/32217 English Policy Research Working Paper;No. 8965 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Policy Research Working Paper
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ECONOMIC MODELING ECONOMETRIC SPECIFICATION MACROECONOMIC MODEL FISCAL TRENDS FISCAL POLICY TRADE REMITTANCES EXCHANGE RATES COMMODITY PRICES
spellingShingle	ECONOMIC MODELING ECONOMETRIC SPECIFICATION MACROECONOMIC MODEL FISCAL TRENDS FISCAL POLICY TRADE REMITTANCES EXCHANGE RATES COMMODITY PRICES Burns, Andrew Campagne, Benoit Jooste, Charl Stephan, David Bui, Thi Thanh The World Bank Macro-Fiscal Model Technical Description
relation	Policy Research Working Paper;No. 8965
description	This paper outlines the structure and economic foundation of the World Bank's macroeconomic and fiscal model (MFMod). MFMod consists of individual country models for 181 countries. The models are used by country economists within the World Bank's Macroeconomics, Trade and Investment Global Practice to (i) generate country forecasts and (ii) simulate various policies. Each model has a similar structure and functional form, with variation reflecting data availability and economic specialization (notably for oil exporters). Although the functional forms are similar, the parameters are country specific and estimated at the country level. Forecasts across countries are live-linked, with the export market growth of each country calculated as a trade-weighted average of imports of each of its trading partners. Remittance inflows and outflows are balanced across countries through a similar mechanism. Other cross-country linkages come through the real effective exchange rate and export and import prices, which are a function of world commodity prices and local cost considerations.
format	Working Paper
author	Burns, Andrew Campagne, Benoit Jooste, Charl Stephan, David Bui, Thi Thanh
author_facet	Burns, Andrew Campagne, Benoit Jooste, Charl Stephan, David Bui, Thi Thanh
author_sort	Burns, Andrew
title	The World Bank Macro-Fiscal Model Technical Description
title_short	The World Bank Macro-Fiscal Model Technical Description
title_full	The World Bank Macro-Fiscal Model Technical Description
title_fullStr	The World Bank Macro-Fiscal Model Technical Description
title_full_unstemmed	The World Bank Macro-Fiscal Model Technical Description
title_sort	world bank macro-fiscal model technical description
publisher	World Bank, Washington, DC
publishDate	2019
url	http://documents.worldbank.org/curated/en/294311565103938951/The-World-Bank-Macro-Fiscal-Model-Technical-Description http://hdl.handle.net/10986/32217
_version_	1764476054773170176

The World Bank Macro-Fiscal Model Technical Description

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