Assessing Fiscal Space: An Update and Stocktaking

FINEX - A New Workhorse Model for Macroeconomic Forecasting and Policy Analysis

“…61 Reaction functions are labeled 'operational rules' in IMF (2018).62 The fiscal reactions functions in FINEX are linear. Nonlinearities in the fiscal reaction function are potentially critical; seeGhosh et al (2013) andBuffie et al (2012), for example.…”