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This paper develops a structural macroeconometric model of the world economy, disaggregated into forty national economies. This panel dynamic stochastic general equilibrium model features a range of nominal and real rigidities, extensive macrofinancial linkages, and diverse spillover transmission channels. A variety of monetary policy analysis, fiscal policy analysis, spillover analysis, and forecasting applications of the estimated model are demonstrated. These include quantifying the monetary and fiscal transmission mechanisms, accounting for business cycle fluctuations, and generating relatively accurate forecasts of inflation and output growth.

Free trade. --- International Monetary Fund. --- World Bank. --- Finance --- Business & Economics --- International Finance --- Capital movements --- Monetary policy --- Fiscal policy --- Business cycles --- Econometric models. --- Tax policy --- Taxation --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Government policy --- Economic policy --- Finance, Public --- Balance of payments --- Foreign exchange --- International finance --- Economic forecasting --- Computable general equilibrium models --- Panel analysis --- Econometric models --- E-books --- Panel studies --- Social sciences --- Statistics --- CGE models --- Equilibrium models, Computable general --- General equilibrium models, Computable --- Methodology --- Banks and Banking --- Econometrics --- Exports and Imports --- Investments: General --- Macroeconomics --- Inflation --- Bayesian Analysis: General --- Multiple or Simultaneous Equation Models: Models with Panel Data --- Model Construction and Estimation --- Forecasting and Other Model Applications --- Price Level --- Deflation --- Business Fluctuations --- Cycles --- Financial Markets and the Macroeconomy --- Monetary Policy --- Fiscal Policy --- Open Economy Macroeconomics --- Empirical Studies of Trade --- Investment --- Capital --- Intangible Capital --- Capacity --- Macroeconomics: Consumption --- Saving --- Wealth --- Computable and Other Applied General Equilibrium Models --- Interest Rates: Determination, Term Structure, and Effects --- International economics --- Econometrics & economic statistics --- Banking --- Terms of trade --- Return on investment --- Consumption --- Dynamic stochastic general equilibrium models --- Central bank policy rate --- National accounts --- International trade --- Econometric analysis --- Prices --- nternational cooperation --- Saving and investment --- Economics --- Interest rates --- United Kingdom --- Nternational cooperation