Macro Musings with David Beckworth cover image

John Roberts on Macroeconomic Modeling at the Fed, Makeup Policy, and the Future of FAIT

Macro Musings with David Beckworth

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Is the FRBUS Model Really a Keynesian Model?

The Ferbous model was developed in the 90s and it knew about the Lucas critique when it was being designed. Some people, some prominent macroeconomists will acknowledge that the FRBUS model is similar to a new Keynesian model. But others have criticized it as being too close to those models of the 70s. So that's okay. I mean, being criticized by both sides is often a good place to be.

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