Journal Article
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.
JEL Classification: F01; F42; E66;
https://doi.org/10.17016/bulletin.1997.83-10
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Bibliographic Information
Provider: Board of Governors of the Federal Reserve System (U.S.)
Part of Series: Federal Reserve Bulletin
Publication Date: 1997-10
Volume: 83
Issue: 10
Pages: pp. 797-817