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A guide to FRB/US: a macroeconomic model of the United States
FRB/US is a large-scale quarterly econometric model of the U.S. economy, developed to replace the MPS model. Most behavioral equations are based on specifications of optimizing behavior containingExpand
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What's Happened to the Phillips Curve?
The simultaneous occurrence in the second half of the 1990s of low and falling price inflation and low unemployment appears to be at odds with the properties of a standard Phillips curve. We findExpand
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The FRB/US Model: A Tool for Macroeconomic Policy Analysis
The FRB/US model of the U.S. economy is one of several that Federal Reserve Board staff consults for forecasting and the analysis of macroeconomic issues, including both monetary and fiscal policy.
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The Evolution of Macro Models at the Federal Reserve Board
Large-scale macroeconomic models have been used at the Federal Reserve Board for nearly 30 years. After briefly reviewing the first generation of Fed models, which were based on the IS/LM/PhillipsExpand
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The role of expectations in the FRB/US macroeconomic model
In the past year, the staff of the Board of Governors of the Federal Reserve System began using a new macroeconomic model of the U.S. economy referred to as the FRB/US model. This system ofExpand
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The Evolution of Macro Models at the Federal Reserve Board
Large-scale macroeconomic models have been used at the Federal Reserve Board for nearly thirty years. After briefly reviewing the first generation of Fed models, which were based on theExpand
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The federal reserve board MPS quarterly econometric model of the US economy
Abstract This paper describes the structure and properties of the Federal Reserve Board's (MPS) econometric model of the US economy. The theoretical underpinnings are developed using a small growthExpand
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Prices, Wages, and Employment in the U.S. Economy: A Traditional Model and Tests of Some Alternatives
In this paper, we outline the cost minimizing behavior of oligopoly firms and the price adjustment process in the labor market which underlie the traditional formulation of aggregate wage-priceExpand
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The Evolution of Macro Models at the Federal Reserve Board
Large-scale macroeconomic models have been used at the Federal Reserve Board for nearly 30 years. After briefly reviewing the first generation of Fed models, which were based on the IS/LM/PhillipsExpand
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Effective interest rate policies for price stability
Abstract Recent years have seen a trend among central banks of industrial economies to downgrade operational target ranges for exchange rates or monetary aggregates and to adopt price stability asExpand
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