New Release of MMB: MMB 3.1
Dear friends and MMB users,
We are pleased to inform you that a new version of the Macroeconomics Model Database (MMB) is now available on our website. This 3.1 version includes 25 new models, allows users to modify or add models/policy rules directly on the interface and makes it possible to simulate a much wider range of macroeconomic shocks and variables across models.
We hope you enjoy the new features. Should you have any comments or suggestions, please write to us at email@example.com.
Michael Binder, John B. Taylor, Volker Wieland, Gregor Boehl and the MMB team
The MMB is the key project of the Macroeconomic Modeling and Model Comparison Initiative (MMCI), which aims to make structural macro modeling more reproducible, collaborative and comparative in the research of monetary, fiscal and macro-prudential policy. The MMCI is a joint initiative of the Institute for Monetary and Financial Stability at Goethe University Frankfurt and the Hoover Institution at Stanford University, supported by Alfred P. Sloan Foundation.
The New Version of the Macroeconomics Model Database (MMB)
The MMB 3.1 includes 25 new models that amount to a total of 153 models. These new models feature not only additional financial factors, e.g., systemic risk, but also dynamic interactions between heterogeneous households and firms that use numerous behavioral rules. Please find an overview of the new models here.
The MMB interface was improved in this new version to give users more flexibility and an easier approach to set up the environment. Users now can browse and modify all the models’ code or add new models/policy rules directly on the interface, which can also automatically detect MATLAB/Octave and Dynare in users’ computer and check their compatibility with the MMB.
Last but not least, the new version makes a wider range of comparison exercises feasible. In addition to the four common variables and the two common policy shocks, as in the previous versions, it is now possible to compare the dynamic outcomes of a wide range of macroeconomic model-specific shocks for all the endogenous model variables. For adaptive learning models, users can select the states and determine the gain parameters.
The software runs on Windows, macOS and Linux and supports MATLAB and Octave.
Published by: Gregor Boehl