• Corpus ID: 52102737

The role of expectations in the FRB/US macroeconomic model

  title={The role of expectations in the FRB/US macroeconomic model},
  author={Flint Brayton and Eileen Mauskopf and David L. Reifschneider and Peter A. Tinsley and John C. Williams},
  journal={Federal Reserve Bulletin},
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 mathematical equations, describing interactions among economic measures such as inflation, interest rates, and gross domestic product, is one of the tools used in economic forecasting and the analysis of macroeconomic policy issues at the Board. The FRB/US model replaces the MPS model, which, with periodic… 
Real-Time Model Uncertainty in the United States: The Fed from 1996-2003
We study 30 vintages of FRB/US, the principal macro model used by the Federal Reserve Board staff for forecasting and policy analysis. To do this, we exploit archives of the model code, coefficients,
How Robust is the VAR-Based Expectation of the Federal Reserve Board (FRB/US) to Model-Selection Uncertainty?
In the spring of 1996, the first working version of the FRB/US model replaced the venerable Monetary Policy System (MPS) model for forecasting and policy analysis in the US. The agents in the economy
The Bank of Canada's Version of the Global Economy Model (BoC-GEM)
The Bank of Canada's version of the Global Economy Model (BoC-GEM) is derived from the model created at the International Monetary Fund by Douglas Laxton (IMF) and Paolo Pesenti (Federal Reserve Bank
MUSE: The Bank of Canada's New Projection Model of the U.S. Economy
Staff projections provided for the Bank of Canada's monetary policy decision process take into account the integration of Canada's very open economy within the global economy, as well as its close
The Use of Financial Market Indicators by Monetary Authorities
In a new and changing environment for monetary policy, an interesting issue to examine is the use of financial market indicators by monetary policy authorities. With this in mind, the OECD canvassed
A Model with Explicit Expectations for Belgium
This paper presents a new quarterly macroeconometric model of the Belgian economy. It is intended to contribute to existing analytical work covering the specific transmission mechanisms of the euro
Noname - A New Quarterly Model for Belgium
This paper gives an overview of the present version of the quarterly model for the Belgian economy built at the National Bank of Belgium (NBB). This model can provide quantitative input into the
A Guide to Frb/Global
This paper describes the structure and illustrates the key features of FRB/Global, a large-scale macroeconomic model used in analyzing exogenous shocks and alternative policy responses in foreign
The Quarterly Japanese Economic Model (Q-JEM): 2011 Version
This paper provides a brief explanation and a detailed documentation of the current version of the Quarterly Japanese Economic Model (Q-JEM), which has been developed and constantly updated since the
BoC-GEM: Modelling the World Economy
BoC-GEM, an adaptation of the Global Economy Model, initially developed at the International Monetary Fund and the New York Federal Reserve, is a very useful tool to tackle a broad range of issues