MMB release 3.3

Dear MMB users,

We are pleased to announce version 3.3 of the Macroeconomics Model Database (MMB). This version includes 161 macroeconomic models in total. It is available for download upon registration of your e-mail address here. 

There are 10 new models, which are also included in the Online Comparison Platform (OCP):

• Four variants of the Federal Reserve’s FRB/US model from 2022 (linearized, model variants with different expectation formation)
  • Brayton, F., Reifschneider, D., 2022. “Linver: The linear version of FRB/US.”
    Link: https://www.federalreserve.gov/econres/us-models-about.htm
    Expectation formation: (i) model-consistent, (ii) financial market, wage and price expectations are model consistent, other expectations are based on a small VAR, (iii) only financial market expectation model consistent, (iv) VAR expectations.

• Two multi-country models of European economies:
  • Gadatsch, N., Hauzenberger, K., Stähler, N., 2016. Fiscal policy during the crisis: A look on Germany and the Euro Area with GEAR. Economic Modelling 52, 997–1016.
  • Stähler, N., Thomas, C., 2012. FIMOD—a DSGE model for fiscal policy simulations. Economic Modelling 29, 239–261.
     
• Two open-economy models with explicit energy sectors for the United Kingdom
  • Chan, J., Diz, S., Kanngiesser, D., 2024. Energy prices and household heterogeneity: Monetary policy in a gas-tank. Journal of Monetary Economics, 103620.
  • Millard, S., 2011. An estimated DSGE model of energy, costs and inflation in the United Kingdom.
     
• Two models with energy sector and effects of climate change:
  • Balke, N.S., Brown, S.P., 2018. Oil supply shocks and the US economy: An estimated DSGE model. Energy policy 116, 357–372.
  • Ferrari, A., Nispi Landi, V., 2023. Toward a green economy: The role of the central bank’s asset purchases. International Journal of Central Banking 19(5), 287–340.
     

Compared to the preceding release, MMB 3.3. includes a number of technical changes and adjustments. Thus, we recommend that users switch to MMB 3.3.

• We updated MMB 3.3. to work with Dynare 5. This is now the preferred specification. Some models may only work under Dynare 5.
• MMB 3.3. is now compatible with the steady-state function of Dynare versions >=4.6.
• MMB 3.3. (should) work with new Apple silicon processors/chips.
• MMB 3.3. includes a number of bug fixes concerning individual models.

We hope you enjoy working with the MMB. On this occasion, we would like to remind you to cite the MMB in your work (see our references here).

Also, we would like to hear about your experience with the MMB. We would be very grateful if you take a few minutes to fill out our questionnaire.

Should you have any comments or suggestions, please write to us at info@macromodelbase.com or visit our forum at https://mmb.trydiscourse.com.

Best wishes,

Volker Wieland and the MMB team