The McKibbin-Sachs Global Model: Theory and Specifications / Warwick J. McKibbin, Jeffrey D. Sachs.

Format:

Book

Author/Creator:

McKibbin, Warwick J.

Contributor:

National Bureau of Economic Research.

Sachs, Jeffrey D.

Series:

Working Paper Series (National Bureau of Economic Research) no. w3100.

NBER working paper series no. w3100

Language:

English

Subjects (All):

Econometric models.

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

The McKibbin-Sachs Global Model

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 1989.

Cambridge, Mass : National Bureau of Economic Research, 1989.

Summary:

This paper presents the theoretical underpinnings of the MSG2 simulation model of the world economy. The MSG2 model is a dynamic general equilibrium model of the world economy which pays particular attention to the relation between stocks and flows and intertemporal constraints. The formation of expectations also plays an important role in the model. In the version presented here the world is divided into the U.S., Japan, Germany, the rest of the EMS, and the rest of the OECD, non-oil developing countries and OPEC.

Contents:

I. Introduction

II. So what went wrong in the 1980s?

III. Analyzing the economic effects of the S&L losses

IV. Estimating the economic effects of the S&L breakdown

V. Incorporating deposit insurance in measures of the budget

Appendix A. McKibbin-Sachs global model

Appendix B. Estimation of capital losses.

Notes:

Print version record

September 1989.