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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 containing
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/Phillips
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.
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 find
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 of
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-price
Structure and uses of the MPS quarterly econometric model of the United States
In the late 1960s, staff members of the Board of Governors of the Federal Reserve System, along with several university economists, undertook to build a quarterly model of the U.S. economy. Their
The macroeconomic and sectoral effects of the Economic Recovery Tax Act: some simulation results
The unprecedented size of federal deficits in recent years has stimulated interest in the effects of fiscal policy. The effects of fiscal policy can be classified broadly into two categories: (1)