PolicyEngine Macro
model 04 — Federal Reserve macroeconomic model · frb-us · US · hosted
Test US monetary and fiscal shocks.
Trace how a funds-rate or fiscal shock affects US output, inflation, and unemployment quarter by quarter using the April 2026 baseline.
An open Python implementation of frb-us
An identical 100bp funds-rate shock matches the Fed's own pyfrbus to 6.0e-9 (vs 1.0.0) and 1.4e-8 (vs 1.1.1) across all 284 variables and 20 quarters — the scale at which the Fed's own two releases disagree with each other (1.3e-8). That comparison is the evidence, not the 5.6e-17 tracking residual against LONGBASE, which is an add-factor identity: the same gate passes on randomly rescaled data. On the fiscal side the government-purchases multiplier is 0.72 in year one and 0.64 in year two under the inertial Taylor rule, and 0.77 and 0.90 with the funds rate pegged — the pegged year-two figure sits below the 1.1–1.2 cross-model range for two years of accommodation. Validation →
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Cite this work
Ahmadi, Vahid (2026). “An open Python implementation of frb-us.” PolicyEngine Macro working paper. https://policyengine-macro.vercel.app/papers/frb-us
@techreport{policyengine2026frbus,
title = {An open Python implementation of frb-us},
author = {Ahmadi, Vahid},
year = {2026},
institution = {PolicyEngine},
url = {https://policyengine-macro.vercel.app/papers/frb-us},
note = {PolicyEngine Macro working paper}
}The underlying model is the Federal Reserve Board’s FRB/US model; please also credit FRB/US as the source model. No DOI is assigned. For an exact version stamp, cite the git commit of the artifact you used from github.com/PolicyEngine/macro.