Computable General Equilibrium Models and Monetary Policy Advice

David Altig, Charles Carlstrom and Kevin Lansing

Journal of Money, Credit and Banking, 1995, vol. 27, issue 4, 1472-93

Abstract: This paper argues that variations of extant general-equilibrium monetary models are capable of generating real-time economic forecasts comparable in accuracy to those generated under the standard Federal Reserve Board staff methodology. Specifically, the authors argue that, over the period from 1984 to 1990, forecasts generated by versions of the 'limited participation' models developed by Timothy S. Fuerst (1992) and Lawrence J. Christiano and Martin Eichenbaum (1992) compare favorably with those contained in the Board staff's 'Greenbook' briefing documents. They conclude that further development of these models holds promise for fully integrating the forecasting and policy analysis elements of the Federal Reserve's monetary policy advice process. Copyright 1995 by Ohio State University Press.

Date: 1995
References: Add references at CitEc
Citations: View citations in EconPapers (15)

Downloads: (external link)
http://links.jstor.org/sici?sici=0022-2879%2819951 ... 0.CO%3B2-0&origin=bc full text (application/pdf)
Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.

Related works:
Working Paper: Computable general-equilibrium models and monetary policy advice (1995)
Journal Article: Computable general equilibrium models and monetary policy advice (1994)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:mcb:jmoncb:v:27:y:1995:i:4:p:1472-93

Access Statistics for this article

Journal of Money, Credit and Banking is currently edited by Robert deYoung, Paul Evans, Pok-Sang Lam and Kenneth D. West

More articles in Journal of Money, Credit and Banking from Blackwell Publishing
Bibliographic data for series maintained by Wiley-Blackwell Digital Licensing () and Christopher F. Baum ().