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A guide to FRB/US: a macroeconomic model of the United States

Flint Brayton and Peter Tinsley

No 96-42, Finance and Economics Discussion Series from Board of Governors of the Federal Reserve System (US)

Abstract: FRB/US is a large-scale quarterly econometric model of the U.S. economy, developed to replace the MPS model. Most behavioral equations are based on specifications of optimizing behavior containing explicit expectations of firms, households, and financial markets. Although expectations are explicit, the empirical fits of the structural descriptions of macroeconomic behavior are comparable to those of reduced-form time series models. In most instances, tests do not reject overidentifying restrictions of rational expectations or the hypothesis of serially independent residuals. As modeled, private sector expectations of policy constitute a major transmission channel of monetary policy.

Keywords: Econometric models; Economic conditions - United States (search for similar items in EconPapers)
Date: 1996
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