ECB-Global: Introducing ECB's Global Macroeconomic Model for Spillover Analysis

71 Pages Posted: 21 Apr 2017

See all articles by Alistair Dieppe

Alistair Dieppe

European Central Bank (ECB)

Georgios Georgiadis

European Central Bank (ECB)

Martino Ricci

European Central Bank (ECB)

Ine Van Robays

European Central Bank

Björn van Roye

European Central Bank (ECB)

Date Written: April 18, 2017

Abstract

In a highly interlinked global economy a key question for policy makers is how foreign shocks and policies transmit to the domestic economy. We develop a semi-structural multi-country model with rich real and financial channels of international shock propagation for the euro area, the US, Japan, the UK, China, oil-exporting economies and the rest of the world: ECB-Global. We illustrate the usefulness of ECB-Global for policy analysis by presenting its predictions regarding the global spillovers from a US monetary policy tightening, a drop in oil prices and a growth slowdown in China. The impulse responses implied by ECB-Global are well in line with those generated by other global models, with international spillovers in ECB-Global generally on the high side given its rich real and financial spillover structure.

Keywords: Macro-Modelling, Multi-Country Models, Spillovers, Monetary Policy

JEL Classification: C51, E30, E50

Suggested Citation

Dieppe, Alistair and Georgiadis, Georgios and Ricci, Martino and Van Robays, Ine and van Roye, Björn, ECB-Global: Introducing ECB's Global Macroeconomic Model for Spillover Analysis (April 18, 2017). ECB Working Paper No. 2045. Available at SSRN: https://ssrn.com/abstract=2955557

Alistair Dieppe (Contact Author)

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Georgios Georgiadis

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Martino Ricci

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Ine Van Robays

European Central Bank ( email )

Kaiserstrasse 29
Frankfurt am Main, 60311
Germany
+496913446179 (Phone)

HOME PAGE: http://https://sites.google.com/site/inevanrobays/

Björn Van Roye

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

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