A guide to FRB/Global

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

No 588, International Finance Discussion Papers from Board of Governors of the Federal Reserve System (U.S.)

Abstract: This paper describes the structure and illustrates the key features of FRB/Global, a large-scale macroeconomic model used in analyzing exogenous shocks and alternative policy responses in foreign economies and in examining the impact of these external shocks on the U.S. economy. FRB/Global imposes fiscal and national solvency constraints and utilizes error-correction mechanisms in the behavioral equations to ensure the long-run stability of the model. In FRB/Global, expectations play an important role in determining financial market variables and domestic expenditures. Simulations can be performed using either limited-information (\"adaptive\") or model-consistent (\"rational\") expectations.

Keywords: European Monetary System (Organization); Econometric models; Macroeconomics (search for similar items in EconPapers)
Date: 1997
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgif:588

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