New version of "Macroeconomic Model Data Base“ offers more than 150 models

The open platform for macroeconomic models of the IMFS, the Macroeconomic Model Database (MMB), has grown to over 150 models. As a result of a joint research project with the Hoover Institution, the new version MMB 3.1 on now offers 153 models and further technical features.

The MMB is an open database for macroeconomic models developed by Prof. Volker Wieland and his team, where researchers can share formulas and codes of their models and also reproduce the calculations of other researchers. In the framework of a joint three-year research project with Hoover Institution supported by the Sloan Foundation, the Macroeconomic Modeling and Comparison Initiative (MMCI), the database has constantly been developed and enlarged. The funding period ended in December 2019.

The new models feature not only additional financial factors, e.g., systemic risk, but also focus on numerous behavioral rules.

The MMB users are able to directly contribute new models and scenarios on the interactive platform. On the platform, researchers can analyze in various models at the same time the consequences of a cut or a rise in interest rates, a tax reform or a stimulus package. Models of the Federal Reserve, the European Central Bank, the European Commission, the International Monetary Fund as well as the central banks of Sweden, Canada and Chile are integrated on the platform. The database also contains structural models featuring unconventional monetary policy.