02372cas a2200337 a 4500 AALejournalIMF023172 230101c9999 xx r poo 0 0eng d 9798400218187 20.00 USD 1018-5941 BD-DhAAL BD-DhAAL Abradu-Otoo, Philip. Quarterly Projection Model for the Bank of Ghana / Philip Abradu-Otoo, Ivy Acquaye, Abubakar Addy, Nana Kwame Akosah. Washington, D.C. : International Monetary Fund, 2022. 1 online resource (39 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The paper describes the Quarterly Projection Model (QPM) that underlies the Bank of Ghana Forecasting and Policy Analysis System (FPAS). The New Keynesian semi-structural model incorporates the main features of the Ghanaian economy, transmission channels and policy framework, including an inflation targeting central bank and aggregate demand effects of fiscal policy. The shock propagation mechanisms embedded in the calibrated QPM demonstrate its theoretical consistency, while out-of-sample forecasting accuracy validates its empirical robustness. Another important part of the QPM is endogenous policy credibility, which may aggravate policy trade-offs in the model and make it more realistic for developing economies. Historical track record of real time policy analysis and medium-term forecasting conducted with the QPM - as a component of the broader FPAS analytical organization - establishes its critical role in supporting the Bank's forward-looking monetary policy framework. Mode of access: Internet Forecasting and Policy Analysis imf Foreign Exchange imf Ghana imf Informal Economy imf Underground Econom imf Acquaye, Ivy. Addy, Abubakar. Akosah, Nana Kwame. IMF Working Papers; Working Paper ; No. 2022/169 Full text available on IMF https://elibrary.imf.org/openurl?genre=journal&issn=1018-5941&volume=2022&issue=169 IMF e-Library