00000nam 2200000zi 4500 9.885480 CaOODSP 20230928110412 m o d f cr |n||||||||| 200310t20202020oncd ob f000 0 eng d CaOODSP eng rda CaOODSP eng fre FB3-1/116-2020E-PDF Blagrave, Patrick, author. IMPACT : the Bank of Canada's International Model for Projecting Activity / by Patrick Blagrave, Claudia Godbout, Justin-Damien Guénette, René Lalonde and Nikita Perevalov. Ottawa, Ontario, Canada : Bank of Canada, 2020. ©2020 1 online resource (iii, 48 pages) : charts. text txt rdacontent computer c rdamedia online resource cr rdacarrier Technical report = Rapport technique, 1919-689X ; no. 116 Cover title. Includes bibliographical references (pages 26-30). "We present the structure and features of the International Model for Projecting Activity (IMPACT), a global semi-structural model used to conduct projections and policy analysis at the Bank of Canada. Major blocks of the model are developed based on the rational error correction framework of Kozicki and Tinsley (1999), which allows the model to strike a balance between theoretical structure and empirical performance. IMPACT divides the world economy into six regions: United States, the euro area, Japan, China, oil-importing emerging-market economies and oil-exporting rest of the world. The model features a rich set of cross-border trade and financial linkages that have been shown in the literature to be crucial to explaining global co-movements in business cycles. It is also globally consistent in the sense that both net foreign assets and net exports must be equal to zero at the global level. These cross-region linkages and the global stock-flow consistency allow IMPACT to generate a rigorous and more complete picture of the evolution of the global economy to better inform policy"--Abstract. Includes abstract in French. Monetary policy Econometric models. Business cycles Mathematical models. Politique monétaire Modèles économétriques. Cycles économiques Modèles mathématiques. Bank of Canada. Technical report (Bank of Canada) 1919-689X ; no. 116. (CaOODSP)9.505019 PDF 1.08 MB https://publications.gc.ca/collections/collection_2020/banque-bank-canada/FB3-1-116-2020-eng.pdf