The IMF's Global Integrated Monetary and Fiscal model (GIMF) is used to examine the scope for structural reforms in the euro area to offset the negative impact of fiscal consolidation required to put public debt back on a sustainable path. The results suggest that structural reforms in core...

In this paper, the IMF's new Global Economy Model (GEM) is used to estimate the contribution of unbalanced growth to the decline in the share of goods production in Australia and New Zealand. The simulation results suggest that faster productivity growth in the tradable goods sector in...

Intro -- Contents -- I. INTRODUCTION -- II. THE MODEL -- III. EFFICIENT POLICY FRONTIERS AND THEIR IMPLICATIONS -- IV. THE POTENTIAL CONTRIBUTION OF COUNTERCYCLICAL FISCAL POLICY -- V. POSSIBLE ADJUSTMENTS TO POLICY FRAMEWORK -- VI. CONCLUSIONS -- APPENDIX I. THE COMPLETE MODEL -- APPENDIX II....