The staff’s core, large-scale structural model has been dubbed FRB/US - pronounced “ferbus.” But that model is not the only one the staff uses. Indeed, the staff uses its suite of smaller-scale models to probe the vulnerabilities of the core model.
This can be done by making use of monetary, fiscal and macroprudential policies that put quality over quantity. At the same time, the sizeable structural challenges faced by our economies should be tackled as well. In this context, I would like to mention two reform priorities: the digital transformation and the green transformation.