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Repmod: A Smaller Sibling for Multimod

This paper describes a small macroeconomic model based on a representative industrial-country block of MULTIMOD, the IMF`s multi-country simulation model. REPMOD is designed to provide a more flexible and accessible tool for analysis by individual country desks than the full version of MULTIMOD. It also allows the construction of model-consistent baseline paths, in addition to conventional shock-minus-control experiments. After discussing the model`s general structure and properties, some distinctive aspects are illustrated via simulations that explore the implications of Japan`s liquidity trap.