Econometric and stochastic general equilibrium models for evaluation of economic policies

Keshab Bhattarai

International Journal of Trade and Global Markets, 2011, vol. 4, issue 2, 212-241

Abstract: Comparative analysis of economic structure and forecasts generated from simultaneous equation, VAR and autoregressive models based on quarterly series from 1966:1 to 2007:3 of UK to those from the stochastic general equilibrium models has provided insights into objective and subjective evaluation of macro economic impacts of public policies. Econometric estimates are used in formulation of stochastic dynamic general equilibrium models to generate time series of macro variables from stochastic general equilibrium models. Calibrating to ratios, variances, covariance and correlations econometric analyses and general equilibrium models are integrated and shown to be complementary not competitive techniques.

Keywords: economic growth; fiscal policies; dynamic models; forecasting; econometric models; stochastic models; general equilibrium models; economic policies; policy evaluation; comparative analysis; economic structures; economic forecasts; vector autoregression; VAR; simultaneous equations; autoregressive models; quarterly series; UK; United Kingdom; macroeconomic impacts; public policies; econometric estimates; time series; macro variables; ratio calibration; variances; covariance; correlations; globalisation; trade; global markets; global economy; policy analysis. (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (4)

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