OECD Economics Department Working Papers

Working papers from the Economics Department of the OECD that cover the full range of the Department’s work including the economic situation, policy analysis and projections; fiscal policy, public expenditure and taxation; and structural issues including ageing, growth and productivity, migration, environment, human capital, housing, trade and investment, labour markets, regulatory reform, competition, health, and other issues.

The views expressed in these papers are those of the author(s) and do not necessarily reflect those of the OECD or of the governments of its member countries.

English, French

Simulating the OECD INTERLINK Model under Alternative Monetary Policy Rules

This paper reviews the influence of a variety of different monetary rules for the G3 economies on the comparative simulation properties of a recent version of the OECD INTERLINK model. The simulated shocks are typically of a "global" nature, with the main objective being to assess the relative effectiveness of alternative monetary policy settings in achieving a stable set of outcomes for main macroeconomic aggregates at the global level. Since the relative performance of different policies seems likely to depend on both the nature of the shocks and specific structural features of the model used, it also examines the extent to which these results are likely to be empirically fragile ...


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