Replication Package for "Monetary Policy Strategies to Foster Price Stability and a Strong Labor Market"
Description
This replication package contains all code and data necessary to reproduce the tables and figures in "Monetary Policy Strategies to Foster Price Stability and a Strong Labor Market," accepted for publication in Economic Modelling. The analysis evaluates monetary policy strategies using a New-Keynesian model and the Federal Reserve's FRB/US model. The package includes stochastic simulations examining symmetric and asymmetric monetary policy rules, make-up strategies, and quantitative easing interactions.
Files
Steps to reproduce
## Data Availability and Sources ### Primary Data Sources All data used in this analysis is derived from publicly available sources: 1. **FRB/US Model (Brayton and Reifschneider, 2022)** - Source: Federal Reserve Board - URL: https://www.federalreserve.gov/econres/us-models-about.htm - Availability: Public - Description: The linearized version of the FRB/US macroeconomic model - All necessary files included 2. **Historical Residuals for Stochastic Simulations** - Source: Federal Reserve Board FRB/US model database - Period: 1970Q1 to 2019Q4 - Availability: Public (included with this replication package) - Description: Historical equation residuals used for bootstrap procedure in stochastic simulations ### Data Notes - No proprietary data is used in this analysis - All simulations are model-based and do not require external data downloads beyond the FRB/US model package --- ## Computational Requirements ### Software Requirements - **MATLAB**: Version R2022a or higher - The code has been tested with MATLAB R2022a - Compatibility with Octave has not been verified but is likely with minimal modifications - **Dynare**: Version 4.5.6 or higher - Required for solving rational expectations models - Available at: https://www.dynare.org/ ### Operating System - Produced in Linux - Should work on any OS that supports MATLAB ---