My journey began at MIT as a research assistant to Professors Franco Modigiliani and Albert Ando during the period of development of the MPS model, continued at Laurence H. Meyer & Associates with the development of The Washington University Macro Model under the direction of my partner, Joel Prakken, and the use of that model for both forecasting and policy analysis, and now has taken me to the Board of Governors where macro models have long played an important role in forecasting and policy analysis and the MPS model has recently been replaced by the FRB-US model.
I bring to this panel a perspective shaped by both my earlier experience and my new responsibilities.