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Board of Governors of the Federal Reserve System (U.S.)
International Finance Discussion Papers
A guide to FRB/Global
Andrew T. Levin
John H. Rogers
Ralph W. Tryon
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.


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Andrew T. Levin & John H. Rogers & Ralph W. Tryon, A guide to FRB/Global, Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers 588, 1997.
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Keywords: European Monetary System (Organization) ; Econometric models ; Macroeconomics
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