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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

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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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): 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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Cited by:
  1. 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.).
  2. Matthieu Bussière & Alexander Chudik & Giulia Sestieri, 2012. "Modelling global trade flows: results from a GVAR model," Globalization and Monetary Policy Institute Working Paper 119, Federal Reserve Bank of Dallas.
  3. Andrew T.. Levin & Volker Wieland & John Williams, 1999. "Robustness of Simple Monetary Policy Rules under Model Uncertainty," NBER Chapters, in: Monetary Policy Rules, pages 263-318 National Bureau of Economic Research, Inc.
  4. Jaime Marquez, 2000. "The Puzzling Income Elasticity of US Imports," Econometric Society World Congress 2000 Contributed Papers 1128, Econometric Society.
  5. Sharon Kozicki & P.A. Tinsley, 1998. "Vector rational error correction," Research Working Paper 98-03, Federal Reserve Bank of Kansas City.
  6. 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.).

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