Working Paper
Two practical algorithms for solving rational expectations models
Brayton, Flint (2011)
This paper describes the E-Newton and E-QNewton algorithms for solving rational expectations (RE) models. Both algorithms treat a model's RE terms as exogenous variables whose values are iteratively updated until they (hopefully) satisfy the RE requirement. In E-Newton, the updates are based on Newton's method; E-QNewton uses an efficient form of Broyden's quasi-Newton method. The paper shows that the algorithms are reliable, fast enough for practical use on a mid-range PC, and simple enough that their implementation does not require highly specialized software. The evaluation of the ...
Finance and Economics Discussion Series , Paper 2011-44

Working Paper
Here's looking at you: modelling and policy use of auction price expectations
Kan, William; Tinsley, Peter A.; Von zur Muehlen, Peter; Brayton, Flint (1990)
Finance and Economics Discussion Series , Paper 126

Journal Article
Structure and uses of the MPS quarterly econometric model of the United States
Mauskopf, Eileen; Brayton, Flint (1987-02)
Federal Reserve Bulletin , Issue Feb

Discussion Paper
The macroeconomic and sectoral effects of the Economic Recovery Tax Act : some simulation results
Clark, Peter B.; Brayton, Flint (1985)
Staff Studies , Paper 148

Conference Paper
Nominal income targeting with the monetary base as instrument: an evaluation of McCallum's rule
Hess, Gregory D.; Small, David H.; Brayton, Flint (1993)
Proceedings , Paper 1, pt. 2

Working Paper
Interest rate policies for price stability
Brayton, Flint; Tinsley, Peter A. (1993)
Finance and Economics Discussion Series , Paper 93-22

Discussion Paper
Optimal-Control Monetary Policy in the FRB/US Model
Brayton, Flint; Laubach, Thomas; Reifschneider, David L. (2014-11-21)
The question of how best to conduct monetary policy has been studied by economists for a long time. Over the past 25 years or so, attention has focused on systematic approaches to setting the short-term interest rate in a manner that effectively balances policymaker objectives.
FEDS Notes , Paper 2014-11-21-1

Journal Article
The role of expectations in the FRB/US macroeconomic model
Mauskopf, Eileen; Reifschneider, David L.; Tinsley, Peter A.; Williams, John; Brayton, Flint (1997-04)
In the past year, the staff of the Board of Governors of the Federal Reserve System began using a new macroeconomic model of the U.S. economy referred to as the FRB/US model. This system of mathematical equations, describing interactions among economic measures such as inflation, interest rates, and gross domestic product, is one of the tools used in economic forecasting and the analysis of macroeconomic policy issues at the Board. The FRB/US model replaces the MPS model, which, with periodic revisions, had been used at the Federal Reserve Board since the early 1970s. A key feature of the new ...
Federal Reserve Bulletin , Volume 83 , Issue Apr

Discussion Paper
The FRB/US Model: A Tool for Macroeconomic Policy Analysis
Brayton, Flint; Laubach, Thomas; Reifschneider, David L. (2014-04-03)
The FRB/US model of the U.S. economy is one of several that Federal Reserve Board staff consults for forecasting and the analysis of macroeconomic issues, including both monetary and fiscal policy.
FEDS Notes , Paper 2014-04-03

Conference Paper
The behavior of monetary sectors and monetary policy: evidence from multicountry models
Brayton, Flint; Marquez, Jaime R. (1990)
Proceedings