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Evaluating international economic policy with the Federal Reserve's global model

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Author Info
Andrew Levin
John Rogers
Ralph Tryon

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Abstract

FRB/Global is a large-scale macroeconomic model developed and maintained by the Board's staff. This article provides a historical perspective on the development of the model, gives an overview of its structure, and highlights its dynamic properties with three simulation experiments: a reduction in U.S. government purchases; a depreciation of the U.S. dollar; and an increase in the price of oil exported by OPEC. The article illustrates other uses of FRB/Global by examining the spillover effects of fiscal and monetary policy under alternative European monetary policy regimes.

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File URL: http://www.federalreserve.gov/pubs/bulletin/1997/199710lead.pdf
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Publisher 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): Oct ()
Pages: 797-817
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Handle: RePEc:fip:fedgrb:y:1997:i:oct:p:797-817:n:v.83no.10

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Related research
Keywords: Econometric models ; Economic policy;

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  1. Sharon Kozicki & P.A. Tinsley, 1998. "Vector rational error correction," Research Working Paper 98-03, Federal Reserve Bank of Kansas City. [Downloadable!]
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  2. Hali J. Edison & Jaime Marquez, 1998. "U.S. monetary policy and econometric modeling: tales from the FOMC transcripts 1984-1991," International Finance Discussion Papers 607, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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  3. Andrew Levin & Volker Wieland & John C. Williams, 1998. "Robustness of simple monetary policy rules under model uncertainty," Finance and Economics Discussion Series 1998-45, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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  4. Jaime Marquez, 2000. "The Puzzling Income Elasticity of US Imports," Econometric Society World Congress 2000 Contributed Papers 1128, Econometric Society. [Downloadable!]
  5. Joseph E. Gagnon, 2003. "Productive capacity, product varieties, and the elasticities approach to the trade balance," International Finance Discussion Papers 781, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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  6. repec:bep:maccon:v:8:y:2008:i:1:p:1579-1579 is not listed on IDEAS
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