WUMMWashington University Macro Model (economics)
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This is of some importance, but it is clearly considerably smaller than the share Modigliani estimated and those derived from the DRI and WUMM models.
In summary, the WUMM provides the strongest evidence that stock market responses provide a predominant way through which movements in the federal funds rate affect the economy, but even in that model, the consumption-wealth channel does not appear to be of overwhelming importance.
In the WUMM and DRI model simulations, all changes in the federal funds rate are treated as exogenous policy changes, and the resulting changes in all other variables are viewed as reflecting the impact of the change in the funds rate.