Evaluating International Economic Policy with the Federal Reserve's Global Model

Andrew Levin (), John Rogers and Ralph W. Tryon

Federal Reserve Bulletin, 1997, vol. 83, issue 10, pp. 797-817

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.

JEL-codes: E66 F01 F42 (search for similar items in EconPapers)
Date: 1997
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DOI: 10.17016/bulletin.1997.83-10

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