A Guide to Frb/Global

Board of Governors of the Federal Reserve System IFDS Working Paper No. 588

69 Pages Posted: 5 Jan 1998

See all articles by Andrew T. Levin

Andrew T. Levin

affiliation not provided to SSRN

John H. Rogers

Board of Governors of the Federal Reserve System - Trade and Financial Studies Section

Ralph W. Tryon

Government of the United States of America - Division of International Finance (IFDP)

Date Written: September 1997

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.

JEL Classification: F47, E17, E50

Suggested Citation

Levin, Andrew and Rogers, John H. and Tryon, Ralph, A Guide to Frb/Global (September 1997). Board of Governors of the Federal Reserve System IFDS Working Paper No. 588. Available at SSRN: https://ssrn.com/abstract=48647 or http://dx.doi.org/10.2139/ssrn.48647

Andrew Levin (Contact Author)

affiliation not provided to SSRN

John H. Rogers

Board of Governors of the Federal Reserve System - Trade and Financial Studies Section ( email )

20th St. and Constitution Ave.
Washington, DC 20551
United States
202-452-2873 (Phone)
202-736-5638 (Fax)

Ralph Tryon

Government of the United States of America - Division of International Finance (IFDP) ( email )

Stop 24
Washington, DC 20551
United States
202-452-2368 (Phone)
202-736-5638 (Fax)

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