NAOMI/US A small-scale model of the U.S. Economy

Nicolas Vincent

Working Papers-Department of Finance Canada from Department of Finance Canada

Abstract: This paper presents NAOMI/US (North American Open economy Macro-econometric Integrated model/US), the U.S. counterpart to NAOMI/Canada, developed with the objective of contributing to EAFD’s analytical and forecasting tools. It is a tractable system built around three main equations: IS curve, Phillips curve and monetary policy rule. The model exhibits a meaningful steady state, is forwardlooking and consistent with the structure of NAOMI/Canada. Despite its parsimony, it displays credible dynamics that are comparable to those from larger, more complex models.

Ce papier introduit MIOAN/US (modèle Macro-économique Intégré de l'économie Ouverte de l'Amérique du Nord/US), la contrepartie américaine de MIOAN/Canada. Ce modèle a été développé dans l’objectif de contribuer aux outils d’analyse et de prévisions macroéconomiques relatifs à l’économie américaine de la division de l’analyse et de prévisions économiques. MIOAN/US est un modèle à attentes rationnelles qui repose essentiellement sur trois équations : une courbe IS, une courbe de Phillips et une règle de politique monétaire. Malgré sa parcimonie, les propriétés de simulation du modèle sont comparables à ceux des modèles plus complexes et plus détaillés.

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