Using NIGEM, you will have information on over 60 countries and regions and access to forecasts, scenarios and stochastic output for over 5,000 macro-variables. You will be able to run simulations for a variety of common shocks, including fiscal and monetary policies; commodity prices; the labour market; and tariffs, trade and investment.
Individual country models benefit from features such as:
- Sticky prices
- Forward-looking consumption and investment
- Options for monetary policy, such as the Taylor Rule
- Long-run fiscal solvency
Scenarios can be run either over the historical period or into the future.
Internationally recognised and trusted
NIGEM is used by a number of central banks, global research organisations and regulators to accurately model and forecast the impact of different events or policy-choices. It is peer-reviewed and updated each quarter to ensure that the data is as accurate as possible.
Designed to enable you to easily incorporate your own assumptions, judgements and scenarios into the model, you are able to modify over 5,000 variables to change policy regimes. In addition, you can create your own countries and regions, or modify the existing model to meet your needs. Each country model contains between 80 and 200 variables depending on data and model structure used.
Easy-to-use with full-training and support
Monthly training workshops are free to all subscribers, together with user-group meetings and dedicated technical and economic support. Compatible with MS Windows, the software has a ‘click and play’ capability, or for more advanced users can be manipulated.
Separate climate change model
An understanding of the macro-economic effects of climate change and extreme weather events, and the policy choices available, is key. NIGEM now includes a range of options to assess the impact of a variety of different scenarios and provide policymakers with a transparent and consistent approach to inform their responses to one of the most pressing problems of our time.
How has it been used?
NIGEM has been used to model the impact of a variety of major events, both nationally and internationally. These include:
- The impact of Brexit on the UK and European economies
- The impact of structural reforms in the G20
- The impact of changing financial regulations on the UK economy
- The impact on the tightening of US monetary policy
- The impact of an increase in US-China tariffs