The National Institute produces four World Economy forecasts each year based on the output of the Global Model, NiGEM. We
have rebased and expanded the model. The trade and competitiveness system is now based on the pattern of trade in 1987, and we
have adapted the model in order that we can produce forecasts for Spain, the EC as a whole, and the OECD as a whole. We will
report on the associated research in subsequent issues of the Review.
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References
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Anderton R., R. Barrell and J.W. in't Veld, (1993a), 'Forward looking wages, nominal inertia and the analysis of monetary union', National Institute Discussion Paper no. 42. Paper given at the ESEM Brussels, August 1992.
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Artis, M. and Taylor, M., (1993), 'DEER hunting: misalignment, debt accumulation and desired equilibrium exchange rates', IMF Working Paper W/P 93/48, June 1993.
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Barrell, R. and J. W. in't Veld , (1991), FEERs and the path to EMU' , National Institute Economic Review, August, no. 137, pp. 51-58.
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Barrell, R., Gurney, A. and J. W. in't Veld , (1992), 'Fiscal policy, the real exchange rate and the role of wealth', Journal of Forecasting , August 1992.
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Barrell, R. and J. W. in't Veld , (1991), 'Consumption and models of the world economy', Vierteljahrshefte zur Wirtschaftsforschung , DIW, Berlin pp. 121-130.
