Adding Latin America to the Global Projection Model

This is the fourth of a series of papers that are being written as part of a larger project to estimate a small quarterly Global Projection Model (GPM). The GPM project is designed to improve the toolkit to which economists have access for studying both own-country and cross-country linkages. In this paper, we add Latin American economies to a previously estimated small quarterly projection model of the US, Euro Area, and Japanese economies. The model is estimated with Bayesian techniques, which provide a very efficient way of imposing restrictions to produce both plausible dynamics and sensible forecasting properties.
Publication date: April 2009
ISBN: 9781451872323
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Inflation , Macroeconomic Modeling , Bayesian Estimation , inflation , equation , forecasting , real interest rate

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