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The Congressional Budget Office’s Small-Scale Policy Model: Working Paper 2022-08

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  • Mark Lasky

Abstract

The Congressional Budget Office’s small-scale policy model (CBOSS) combines features of two existing models used to analyze fiscal policy into a single workhorse model. Currently, the multipliers model focuses on short-term demand effects, whereas the policy growth model focuses on long-run equilibrium effects. Unlike the two-model approach, CBOSS passes short-run effects through to the long run. CBOSS uses interest rates as a transmission mechanism for the “crowding out†of investment. The model also consistently treats the effects of policy in both the short and long run

Suggested Citation

  • Mark Lasky, 2022. "The Congressional Budget Office’s Small-Scale Policy Model: Working Paper 2022-08," Working Papers 57254, Congressional Budget Office.
  • Handle: RePEc:cbo:wpaper:57254
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    File URL: https://www.cbo.gov/system/files/2022-09/57254-CBOSS.pdf
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    More about this item

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General

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