文章基本信息

标题：Monetary Policy in the OECD INTERLINK Model
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作者：A. Blundell-Wignall ; M. Rondoni ; Helmut Ziegelschmidt 等
期刊名称：Economics Department Working Papers / OECD
印刷版ISSN：0259-4633
出版年度：1984
卷号：1984
DOI：10.1787/735345408701
出版社：Organisation for Economic Co-operation and Development (OECD)
摘要：The international financial linkage block of the OECD Secretariat's multi-country model, INTERLINK, is based on a portfolio balance model of exchange rate determination. International consistency is ensured by cross country restrictions on parameters imposed during estimation (1). However, in an earlier version of the model, the specification of the domestic financial sector for each country was too rudimentary for simulation analysis under alternative monetary policy assumptions. The main element missing from this version of the model was an explicit formulation of the money demand and supply process (2). This gap has been filled in the version of the model reported in this study, which opens the way for a more comprehensive set of alternative policy regimes under which the model can be run, notably: non-accommodating monetary policy; managed floating; fixed exchange rates; and floating with accommodating monetary policy. These will be elaborated upon in more detail below.