Documentation and Research Papers
This page provides links to otherwise unpublished documentation of the FRB/US model as well as to research articles that use the FRB/US model.
Papers Documenting FRB/US and Related Methods
- Two Practical Algorithms for Solving Rational Expectations Models
- Rational Error Correction
Computational Economics, vol. 19, 2002, pp. 197-225.
- Term Structure Views of Monetary Policy under Alternative Models of Agent Expectations
Sharon Kozicki and Peter Tinsley
Journal of Economic Dynamics and Control, vol. 25, 2001, pp. 149-184.
- Aggregate Disturbances, Monetary Policy, and the Macroeconomy: The FRB/US Perspective (PDF)
Dave Reifschneider, Robert Tetlow, and John Williams
January 1999 Federal Reserve Bulletin
- The Role of Expectations in the FRB/US Macroeconomic Model (PDF)
Flint Brayton, Eileen Mauskopf, Dave Reifschneider, Peter Tinsley, and John Williams
April 1997 Federal Reserve Bulletin
- The Evolution of Macro Models at the Federal Reserve Board
Flint Brayton, Andrew Levin, Ralph Tryon, and John C. Williams
Carnegie-Rochester Conference Series on Public Policy, vol. 47, 1997, pp. 43-81.
- A Guide to FRB/US - A Macroeconomic Model of the United States
Flint Brayton and Peter Tinsley (eds.)
Research Papers Using FRB/US
- Aggregate Supply in the United States: Recent Developments and Implications for the Conduct of Monetary Policy
Dave Reifschneider, William L. Wascher, and David Wilcox
- Effects of Fiscal Stimulus in Structural Models
Günter Coenen, Christopher J. Erceg, Charles Freedman, Davide Furceri, Michael Kumhof, René Lalonde, Douglas Laxton, Jesper Lindé, Annabelle Mourougane, Dirk Muir, Susanna Mursula, Carlos de Resende, John Roberts, Werner Roeger, Stephen Snudden, Mathias Trabandt, and Jan in't Veld
American Economic Journal: Macroeconomics, vol. 4, no. 1, 2012, pp. 22-68.
- Have We Underestimated the Likelihood and Severity of Zero Lower Bound Events?
Hess Chung, Jean-Philippe Laforte, Dave Reifschneider, and John C. Williams
Journal of Money, Credit and Banking, vol. 44, 2012, pp. 47-82.
- Real-Time Model Uncertainty in the United States: ‘Robust’ Policies Put to the Test
- Inflation Targeting and Target Instability (PDF)
International Journal of Central Banking, vol. 4, no. 4, 2008, pp. 151-192.
- Real-Time Model Uncertainty in the United States: The Fed, 1996-2003
Robert Tetlow and Brian Ironside
Journal of Money, Credit and Banking, vol. 39, no. 7, 2007, pp. 1533-1849.
- Monetary Policy and Inflation Dynamics
International Journal of Central Banking, vol. 2, no. 3, 2006, pp. 193-230.
- Expectations Formation and the Effectiveness of Strategies for Limiting the Consequences of the Zero Bound
Dave Reifschneider and John Roberts
Journal of the Japanese and International Economies, vol. 20, no. 3, 2006, pp. 314-337.
- Optimal Policy Projections
Lars E.O. Svensson and Robert Tetlow
International Journal of Central Banking, vol. 1, no. 3, 2005, pp. 177-207.
- Short-Run Effects of Fiscal Policy with Forward-Looking Financial Markets (PDF)
Douglas W. Elmendorf and Dave Reifschneider
National Tax Journal, vol. 55, 2002, pp. 357-86.
- Three Lessons for Monetary Policy in a Low Inflation Era
Dave Reifschneider and John Williams
Journal of Money, Credit, and Banking, November 2000, 936-966
- Errors in the Measurement of the Output Gap and the Design of Monetary Policy
Athanasios Orphanides, Richard D. Porter, Dave Reifschneider, Robert Tetlow, and Frederico Finan
Journal of Economics and Business, vol. 52, no. 1/2, pp. 117-141.
- Robustness of Simple Monetary Policy Rules under Model Uncertainty
Andrew Levin, Volker Wieland, and John C. Williams
- Expectations, Learning and the Costs of Disinflation: Experiments using the FRB/US Model
Antulio Bomfim, Robert Tetlow, Peter von zur Muehlen, and John C. Williams
Monetary Policy Rules, January 1999, pp. 263-318.
NOTE: The programs for simulating the FRB/US model are written for use with the software EViews, available at www.EViews.com . The current version of FRB/US is compatible with EViews versions 7 and 8.