Macroeconometric modelling forms an integral part of MAS’ monetary policy formulation process, where it is used extensively for policy simulation. Find out about MAS' Monetary Model of Singapore (MMS) and Satellite Model of Singapore (SMS).
Macroeconometric modelling is carried out mainly through the Monetary Model of Singapore (MMS) and Satellite Model of Singapore (SMS), in addition to supporting spreadsheet models.
This approach resonates with our pluralistic approach to economic surveillance and forecasting.
Monetary Model of Singapore (MMS)
The Monetary Model of Singapore (MMS) is MAS’ flagship model. It is a macro computable general equilibrium model that is essentially derived from microeconomic optimisation principles, and is used to analyse policy effects dynamically at both the economy and industry levels.
- The technical guide presents the structure of the MMS in detail, and is pitched at interested readers who have some knowledge of macroeconomic modelling. (1.9 MB)
- The Equation Finder complements the technical guide and enables readers to find definitions of all variables and the list of equations used in the model. (267.3 KB)
Satellite Model of Singapore (SMS)
The Satellite Model of Singapore (SMS) is a macro-econometric model used alongside our flagship model. The SMS is developed based on modern theoretical foundations that lie midway between Dynamic Stochastic General Equilibrium (DSGE) models and reduced-form econometric models