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Evaluating international economic policy with the Federal Reserve's global model

Author

Listed:
  • Andrew T. Levin
  • John H. Rogers
  • Ralph W. Tryon

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.

Suggested Citation

  • Andrew T. Levin & John H. Rogers & Ralph W. Tryon, 1997. "Evaluating international economic policy with the Federal Reserve's global model," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Oct, pages 797-817.
    • Handle: RePEc:fip:fedgrb:y:1997:i:oct:p:797-817:n:v.83no.10
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    File URL: http://www.federalreserve.gov/pubs/bulletin/1997/199710lead.pdf
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    Cited by:

    1. Andrew T.. Levin & Volker Wieland & John Williams, 1999. "Robustness of Simple Monetary Policy Rules under Model Uncertainty," NBER Chapters, in: Monetary Policy Rules, pages 263-318, National Bureau of Economic Research, Inc.
    2. Edison, Hali J. & Marquez, Jaime, 1998. "US monetary policy and econometric modeling: tales from the FOMC transcripts 1984-1991," Economic Modelling, Elsevier, vol. 15(3), pages 411-428, July.
    3. Bussière, Matthieu & Chudik, Alexander & Sestieri, Giulia, 2009. "Modelling global trade flows: results from a GVAR model," Working Paper Series 1087, European Central Bank.
    4. Jaime Marquez, 2000. "The Puzzling Income Elasticity of US Imports," Econometric Society World Congress 2000 Contributed Papers 1128, Econometric Society.
    5. Tinsley, P A, 2002. "Rational Error Correction," Computational Economics, Springer;Society for Computational Economics, vol. 19(2), pages 197-225, April.
    6. Joseph E. Gagnon, 2007. "Productive Capacity, Product Varieties, and the Elasticities Approach to the Trade Balance," Review of International Economics, Wiley Blackwell, vol. 15(4), pages 639-659, September.

    More about this item

    Keywords

    Econometric models; Economic policy;

    JEL classification:

    • F01 - International Economics - - General - - - Global Outlook
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions

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