Fully transparent set of documentation of the model structure.

NiGEM is an estimated macro-econometric set of country models. It has been estimated in a 'New-Keynesian' framework, which means that agents are assumed to be forward-looking, but nominal rigidities slow adjustment process to external events.

Particular attention has been paid to its long-term equilibrium properties, while the short-term dynamic and underlying estimated properties of the model are consistent with data and result from well documented and robust estimation methods.

As far as possible, the same theoretical structure has been adopted for each of the major industrial country models, except where clear institutional or other factors come in to play. Therefore, variations in the properties of each country model reflect genuine differences in data, ratios and estimated parameters, rather than differences in theoretical approach.

The behavioural equations have been estimated mostly on an individual basis, although some key equations have been estimated in a panel framework to ensure international consistency.

For a full description of the model
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A strong feature of NiGEM is its model governance and oversight process, where changes to the model and ongoing model performance are monitored by the Institute's modelling groups that include leading academic experts in macro-econometric forecasting.

About NiGEM and macroeconomics at NIESR

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