Computable General Equilibrium Models and Monetary Policy Advice
论证现有一般均衡货币模型能产生与美联储标准方法精度相当的实时经济预测，基于1984-1990年数据比较，认为这些模型有潜力整合美联储的预测与政策分析。
This paper argues that variations of extant general-equilibrium monetary models are capable of generating real-time economic forecasts comparable in accuracy to those generated under the ,standard Federal Reserve Board staff methodology.Specifically, we argue that over the 1984-1990 period, forecasts generated by versions of the "limited participation" models developed by Fuerst (1992) andChristian0 andEichenbaum (1992a, 1992b) compare favorably with those contained in the Board staff's "Greenbook" briefing documents.We conclude that further development of these models holds promise for fully integrating the forecasting and policy analysis elements of the Federal Reserve's monetary policy advice process.