Evaluation of macroeconomic models
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Evaluation of macroeconomic models towards a more general framework by Hashem Pesaran

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Published by Birkbeck College, Dept.of Economics in London .
Written in English

Book details:

Edition Notes

StatementM.H. Pesaran and R.P. Smith.
SeriesDiscussion papers in economics, Discussion papers / Birkbeck College -- no.149
ContributionsSmith, R. P.
ID Numbers
Open LibraryOL14627903M

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evaluation of macroeconomic m odels, we theref ore particularly look at what issues each model can be used to analyse, in addition to the methodological strength and limitations of each model. EIA has traditionally used macroeconomic models to produce forecasts and to evaluate the impact of different government policies. This document reviews the current EIA approach and alternatives from a methodological perspective. It begins with a short summary of different macroeconomic models andFile Size: 2MB. Formal models are used to present and analyse key ideas and issues. The theoretical analysis is supplemented by examples of relevant empirical work, illustrating the ways that theories can be applied and tested. Lectures on Macroeconomics provides the first comprehensive description and evaluation of macroeconomic theory in many years. We describe some of the main features of the recent vintage macroeconomic models used for monetary policy evaluation. We point to some of the key differences with respect to the earlier generation of macro models, and highlight the insights .

Three broad categories of macroeconomic models have arisen during this time, each with its own strengths and weaknesses: structural, nonstructural, and large-scale models. Structural models are built using the fundamental principles of economic theory, often at the expense of the model’s ability to predict key macroeconomic variables like GDP Cited by: 4. A macroeconomic model is an analytical tool designed to describe the operation of the problems of economy of a country or a region. These models are usually designed to examine the comparative statics and dynamics of aggregate quantities such as the total amount of goods and services produced, total income earned, the level of employment of productive resources, and . Macroeconomic Modeling for Monetary Policy Evaluation Jordi Galı´ and Mark Gertler Q uantitative macroeconomic modeling fell out of favor during the s for two related reasons: First, some of the existing models, like the Wharton econometric model and the Brookings model, failed spectac-ularly to forecast the stagflation of the s. In particular, papers cover the modeling and role of expectations, the study of optimal monetary policy in two-country models, and the problem of non-invertibility. Other interesting areas of inquiry include the analysis of parameter identification in new open economy macroeconomic models and the modeling of trend inflation by: 1.

Macroeconomic Modeling for Monetary Policy Evaluation Jordi Galí and Mark Gertler NBER Working Paper No. October JEL No. E31,E32,E52 ABSTRACT We describe some of the main features of the recent vintage macroeconomic models used for monetary policy evaluation. We point to some of the key differences with respect to the earlier. Macroeconomics (from the Greek prefix makro-meaning "large" + economics) is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole. This includes regional, national, and global economies.. While macroeconomics is a broad field of study, there are two areas of research that are emblematic of the discipline: the . Calibrating Models in Economic Evaluation Article (PDF Available) in PharmacoEconomics 29(1) October with 2, Reads How we measure 'reads'. Papers presented at the International Symposium on Criteria for Evaluating the Reliability of Macro-economic Models, held Dec. , Pisa, Italy, organized by the IBM Scientific Center of Pisa and sponsored by the University of Pisa.