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- Robert Tetlow
- Board of Governors of the Federal Reserve System (U.S.)
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- Flint Brayton
- Board of Governors of the Federal Reserve System (U.S.)
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- Peter A. Tinsley
- Board of Governors of the Federal Reserve System (U.S.)
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- Antulio N. Bomfim
- Board of Governors of the Federal Reserve System (U.S.)
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- David Reifschneider
- Board of Governors of the Federal Reserve System (U.S.)
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- P. Von zur Muehlen
- Board of Governors of the Federal Reserve System (U.S.)
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- John C. Williams
- Board of Governors of the Federal Reserve System (U.S.)
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説明
<jats:p>FRB/US is a large-scale quarterly econometric model of the U.S. economy, developed to replace the MPS model. Most behavioral equations are based on specifications of optimizing behavior containing explicit expectations of firms, households, and financial markets. Although expectations are explicit, the empirical fits of the structural descriptions of macroeconomic behavior are comparable to those of reduced-form time series models. In most instances, tests do not reject overidentifying restrictions of rational expectations or the hypothesis of serially independent residuals. As modeled, private sector expectations of policy constitute a major transmission channel of monetary policy.</jats:p>
収録刊行物
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- Finance and Economics Discussion Series
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Finance and Economics Discussion Series 1996.0 (42), 1-45, 1996-10
Board of Governors of the Federal Reserve System