The evolution of macro models at the Federal Reserve Board
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The authors gratefully acknowledge the comments of Robert King and Ben McCallum and participants at the conference. The macroeconomic models at the Federal Reserve Board described in this paper represent the work of many individuals at the Fed. Brayton and Williams participated in the project to build the FRB/US model, along with other members of the Macroeconomic and Quantitative Studies section in the Division of Research and Statistics. They would like to acknowledge the valuable assistance of Steve Summer in preparing this paper. The foreign blocks of FRB/Global were developed in the Trade and Financial Studies section of the Division of International Finance. Levin and Tryon acknowledge valuable discussions with David Bowman, Chris Erceg, Dale Henderson, and John Rogers, and the excellent research assistance of Asim Husain and Jon Otting. Views presented are those of the authors and do not necessarily represent those of the Federal Reserve Board.