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I. Peeking Inside the Box: Model Structure and Basic Notation Building on recent theoretical developments in international finance and monetary economics, especially the “new open-economy macroeconomics” literature since the seminal contributions of Maurice Obstfeld and Kenneth Rogoff ( 1995 , 2000 , 2002 ), the Global Economy Model (GEM) aims to provide an optimizing intertemporal framework capable of addressing basic policy questions involving international transmission of policy and structural shocks, while reproducing key elements of macroeconomic

Mr. Douglas Laxton

The Global Economy Model (GEM) is a modern dynamic stochastic general equilibrium (DSGE) model that is based on the new open-economy literature pioneered by Obstfeld and Rogoff ( 1995 and 1996 ). 1 GEM’s modular structure has been designed to make it relatively easy for researchers to simplify the model’s structure by turning off certain features. Although different versions of GEM have been published in several papers, no single paper has documented the general structure of GEM or provided a detailed motivation for many of its features and options. The main