La nouvelle version de MIMOSA, modèle de l'économie mondiale

Abstract

Mimosa, a macroeconomic model of the world economy, jointly built by the CEPII and the OFCE, is now reestimated. This article presents its main features and describes some monetary and fiscal multipliers. The economies of the six bigger industrialised countries are described in great detail by neo-keynesian models : a five product disaggregation distinguishes the energy sector, agriculture, the non-traded sector, the government sector and the industrial sector for which a putty-clay production function ensures compatibilities between employment, investment and production capacity behaviour. These models allow a precise analysis of the consequences of many kinds of monetary or fiscal policies. The rest of the world is divided into twelve zones, more succinctly modelled : the model reveals in particular the financing constraints which bear on the imports of the less developed countries. International trade is analysed through a four product disaggregation. The article shows the model's properties while describing the impacts, in the country and abroad, of an increase in public expenditure in one of the major countries. It studies the consequences of worlwide increase in public expenditures, the implications of a worldwide increase in interest rates, and finally the effects of a decline in the dollar exchange rate.