Evaluating International Economic Policy with the Federal Reserve's Global Model
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.
File(s): File format is application/pdf https://www.federalreserve.gov/pubs/bulletin/1997/199710lead.pdf
Part of Series: Federal Reserve Bulletin
Publication Date: 1997-10
Pages: pp. 797-817