The Fed model was never officially endorsed by the Fed.

http://en.wikipedia.org/wiki/Fed_model

The Fed model was never officially endorsed by the Fed, but former Fed chairman Alan Greenspan seemed to make reference to it in his memoirs: “The decline of real (inflation adjusted) long-term interest rates that has occurred in the last two decades has been associated with rising price-to-earnings ratios for stocks, real estate, and in fact all income-earnings assets.”