Advanced Search
MyIDEAS: Login

The role of expectations in the FRB/US macroeconomic model

Contents:

Author Info

  • Flint Brayton
  • Eileen Mauskopf
  • David Reifschneider
  • Peter Tinsley
  • John Williams

Abstract

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 revisions, had been used at the Federal Reserve Board since the early 1970s. A key feature of the new model is that expectations of future economic conditions are explicit in many of its equations. Because of this clear delineation of expectations, the FRB/US model can be used to study issues that would be difficult or impossible to study with the MPS model. For example, the new model can show how the economy's response to specific events, such as a reduction in defense spending, may vary considerably with the speed at which the public recognizes that the event has occurred or will occur.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.federalreserve.gov/pubs/bulletin/1997/199704lead.pdf
Download Restriction: no

Bibliographic Info

Article provided by Board of Governors of the Federal Reserve System (U.S.) in its journal Federal Reserve Bulletin.

Volume (Year): (1997)
Issue (Month): Apr ()
Pages: 227-245

as in new window
Handle: RePEc:fip:fedgrb:y:1997:i:apr:p:227-245:n:v.83no.4

Contact details of provider:
Postal: 20th Street and Constitution Avenue, NW, Washington, DC 20551
Web page: http://www.federalreserve.gov/
More information through EDIRC

Order Information:
Email:

Related research

Keywords: Econometric models ; Federal Reserve System ; Forecasting;

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Michael Woodford: Revolución y Evolución en la Macroeconomía del siglo XX
    by Enrique Bour in Foco Económico on 2011-03-16 12:00:00
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
This item has more than 25 citations. To prevent cluttering this page, these citations are listed on a separate page.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:fip:fedgrb:y:1997:i:apr:p:227-245:n:v.83no.4. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Kris Vajs).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.