MMB release 3.4.1

Dear MMB users,

We are pleased to announce version 3.4.1. of the Macroeconomics Model Database (MMB), which includes 169 macroeconomic models in total. This version expands the database with eight new models featuring energy markets and international trade policy.

Oil & Energy Models

 1. Blanchard, O., Riggi, M. (2013). Why are the 2000s so different from the 1970s? Journal of the European Economic Association, 11(5), 1032–1052.

A structural DSGE model explaining why oil shocks have weaker macroeconomic effects today by combining changing rigidities, energy intensity, and monetary policy responses.

 2. Vásconez, J., Giraud, G., McIsaac, F., Pham, N. (2015). The effects of oil price shocks in a new-Keynesian framework with capital accumulation. Energy Policy 86, 844–854.

A DSGE model with endogenous oil-use efficiency showing how improvements in energy efficiency dampen the macroeconomic volatility generated by oil price shocks.

 3. Gagliardone, L., Gertler, M. (2024). Oil Prices, Monetary Policy and Inflation Surges. Available at SSRN: https://ssrn.com/abstract=4381781.

A medium-scale DSGE model linking oil shocks with labor-market frictions to account for the inflation surge of 2021–2022.

 4. Gnocato, N., 2025. Energy price shocks, unemployment, and monetary policy. Journal of Monetary Economics 151, 844–854.

A HANK model with an energy sector showing how energy-price shocks propagate through distributional channels and unemployment dynamics.

Trade & Tariff Models

 5. Monacelli, T. (2025). Small open economies, tariffs, and monetary policy. CEPR Discussion Paper 20142.

A small open-economy DSGE model evaluating how discretionary tariffs interact with monetary policy rules to shape inflation and output. The implemented models are derived variants of Monacelli (2025) and NK_GM05 to compare CPI- and PPI-targeting regimes to show how different monetary anchors influence the transmission of tariff shocks.

This version of the model is targeting CPI inflation in the policy rule.

 6. Monacelli, T. (2025). Small open economies, tariffs, and monetary policy. CEPR Discussion Paper 20142.

This version of the model is targeting PPI inflation in the policy rule.

 7. Auray, S., Devereux, M. B. and Eyquem, A., (2025). Trade wars and the optimal design of monetary rules. Journal of Monetary Economics 151, 103726.

A two-country New Keynesian DSGE model of the U.S.–China trade war that features nominal rigidities, endogenous tariff setting, international spillovers, and monetary-policy rule interactions, estimated with Bayesian methods using bilateral trade and macro data.

This version of the model is targeting CPI inflation in the policy rule.

 8. Auray, S., Devereux, M. B. and Eyquem, A., (2025). Trade wars and the optimal design of monetary rules. Journal of Monetary Economics 151, 103726.

This version of the model is targeting PPI inflation in the policy rule.

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).

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Best wishes,

Volker Wieland and the MMB team