A Mini Version of the US Model

In this paper I have reduced the US model to a smaller size. This version, called “US mini,” is a good approximation to the overall US model in a number of important respects, although a number of features have been left out. The income side has been substantially reduced; there is no labor sector; and there is no wage-price sector, just a price equation. US mini is thus not a replacement for the US model, but, as will be seen, it is useful for making a number of points about the use of macro data.