国际清算银行-国际清算银行多部门模型：宏观经济分析的多国环境（英）

BIS Working Papers No 1297 The BIS multisector model: a multi-country environment for macroeconomic analysis by Matthias Burgert, Giulio Cornelli, Burcu Erik, Benoit Mojon, Daniel Rees and Matthias Rottner Monetary and Economic Department October 2025 JEL classification: C54, E52, H23, Q43 Keywords: multisector model, DSGE model, monetary policy, production network, climate change BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views expressed in this publication are those of the authors and do not necessarily reflect the views of the BIS or its member central banks. This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2025. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1020-0959 (print) ISSN 1682-7678 (online) The BIS Multisector Model:A Multi-Country Environment forMacroeconomic Analysis∗Matthias Burgert§Giulio Cornelli†Burcu Erik†Benoit Mojon†Daniel Rees†Matthias Rottner†,‡October 9, 2025AbstractThis paper introduces the BIS Multisector Model (BIS-MS), a dynamic stochastic gen-eral equilibrium (DSGE) model for analyzing macroeconomic dynamics in a multi-sectorproduction network. The model can be calibrated to match the input-output data ofmore than 80 economies, enabling a detailed exploration of sectoral interdependenciesand cross-industry shock transmission. By incorporating nominal rigidities at the sec-toral level, the model can also be used to evaluate alternative monetary policy strategies.The paper demonstrates the model’s capabilities by analyzing temporary and perma-nent energy price shocks under different monetary policy frameworks.In doing so,it illustrates the critical role of the country-specific production networks in shapingmacroeconomic outcomes. The accompanying model toolbox equips policymakers andresearchers with an easy-to-access platform for flexible scenario analysis.JEL classification: C54 · E52 · H23 · Q43Keywords: Multi-sector model · monetary policy · production network · DSGE · climate change∗We thank Marco Del Negro, Denis Gorea and Frank Smets for helpful comments and discussions andAndrew Li for outstanding research assistance. We thank participants at the Bank for International Settle-ments, NGFS (Network for Greening the Financial System), 2024 RIDGE December Forum - Workshop onEnvironmental Economics, BSP-BIS Workshop on Macroeconomic Models, and the 2nd QRFE Workshop onQuantitative Finance. The views in this paper do not necessarily reflect the views of the Bank for InternationalSettlements (BIS), the Deutsche Bundesbank, the Eurosystem, or the Swiss National Bank (SNB).Emails:matthias.burgert@snb.ch,giulio.cornelli@bis.org,burcu.erik@