ECB-Global: Introducing ECB's global macroeconomic model for spillover analysis

Arbeitspapier

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.

Object Details

• ISBN: 978-92-899-2767-3
• Language: Englisch

References and Relationships

• Bibliographic citation: Series: ECB Working Paper ; No. 2045

Classification and Topics

• Classification: Wirtschaft ; Model Construction and Estimation ; Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) ; Monetary Policy, Central Banking, and the Supply of Money and Credit: General
• Subject: macro-modelling ; multi-country models ; spillovers ; monetary policy

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Dieppe, Alistair ; Georgiadis, Georgios ; Ricci, Martino ; Van Robays, Ine ; Van Roye, Björn
• Event: Veröffentlichung
• (who): European Central Bank (ECB)
• (where): Frankfurt a. M.
• (when): 2017

Further information

• DOI: doi:10.2866/764720
• Handle: http://hdl.handle.net/10419/162668
• Last update: 10.03.2025, 11:41 AM CET