Structural Macro-Econometric Modelling in a Policy Environment

Martin Fukač and Adrian Pagan

No 50, NCER Working Paper Series from National Centre for Econometric Research

Abstract: The paper looks at the development of macroeconometric models over the past sixty years. In particular those that have been used for analysing policy options. We argue that there have been four generations of these. Each generation has evolved new features that have been partly drawn from the developing academic literature and partly from the perceived weaknesses in the previous generation. Overall the evolution has been governed by a desire to answer a set of basic questions and sometimes by what can be achieved using new computational methods. Our account of each generation considers their design, the way in which parameters were quantified and how they were evaluated.

Keywords: DSGE models; Phillips Curve; Macroeconometric Models; Bayesian Estimation (search for similar items in EconPapers)
JEL-codes: C51 C52 E12 E13 (search for similar items in EconPapers)
Pages: 41
Date: 2009-11-17
New Economics Papers: this item is included in nep-cba and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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http://www.ncer.edu.au/papers/documents/WPNo50.pdf (application/pdf)

Related works:
Working Paper: Structural macro-econometric modelling in a policy environment (2010)
Working Paper: Structural macro-wconometric modelling in a policy environment (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:qut:auncer:2009_63

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