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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
Finance and Economics Discussion Series: The Effect of Past and Future Economic Fundamentals on Spending and Pricing Behavior in the Frb/Us Macroecono

Finance and Economics Discussion Series: The Effect of Past and Future Economic Fundamentals on Spending and Pricing Behavior in the Frb/Us Macroecono

Von Zur Muehlen, Peter
United States Federal Reserve Board

Paperback

General Political Science

Publisher Price: $14.75

ISBN10: 1288697813
ISBN13: 9781288697816
Publisher: Bibliogov
Published: Feb 1 2013
Pages: 24
Weight: 0.14
Height: 0.05 Width: 7.44 Depth: 9.69
Language: English
This paper derives and presents mean leads and lags as well as patterns of relative importance weights implied by the PAC (polynomial-adjustment-cost) error-correction equations which form the core of the FRB/US model at the Federal Reserve Board. Relative importance weights measure the contributions of past and future expected changes in fundamentals on current decisions. These and the associated mean lags and leads can be considered summary measures of key dynamic properties of FRB/US. The spending equations are those for total consumption, durables consumption, business equipment, residential housing, and private inventories. The pricing equations are those for the price level and wage growth. In addition FRB/US has one PAC equation for dividends and one for labor hours.

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