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This Open Access Brief presents the KAPSARC Global Energy
Macroeconometric Model (KGEMM). KGEMM is a policy analysis tool for
examining the impacts of domestic policy measures and global
economic and energy shocks on the Kingdom of Saudi Arabia. The
model has eight blocks (real sector, fiscal, monetary, external
sector, price, labor and wages, energy, population, and age
cohorts) that interact with each other to represent the Kingdom's
macroeconomy and energy linkages. It captures New Keynesian
demand-side features anchored to medium-run equilibrium and
long-run aggregate supply. It applies a cointegration and
equilibrium correction modeling (ECM) methodology to time series
data to estimate the model's behavioral equations in the framework
of Autometrics, a general-to-specific econometric modeling
strategy. Hence, the model combines 'theory-driven' approach with
'data-driven' approach. The Brief begins with an introduction to
the theoretical framework of the model and the KGEMM methodology
and then walks the reader through the structure of the model and
its behavioral equations. The book closes with simulations showing
the application of the model. Providing a detailed introduction to
a cutting-edge, robust predictive model, this Brief will be of
great use to researchers and policymakers interested in
macroeconomics, energy economics, econometrics, and more
specifically, the economy of Saudi Arabia.
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