EconPapers    
Economics at your fingertips  
 

Micro data and general equilibrium models

Martin James Browning, Lars Peter Hansen and James J. Heckman

Chapter 08 in Handbook of Macroeconomics, 1999, vol. 1, Part A, pp 543-633 from Elsevier

Abstract: Dynamic general equilibrium models are required to evaluate policies applied at the national level. To use these models to make quantitative forecasts requires knowledge of an extensive array of parameter values for the economy at large. This essay describes the parameters required for different economic models, assesses the discordance between the macromodels used in policy evaluation and the microeconomic models used to generate the empirical evidence. For concreteness, we focus on two general equilibrium models: the stochastic growth model extended to include some forms of heterogeneity and the overlapping generations model enriched to accommodate human capital formation.

JEL-codes: E0 (search for similar items in EconPapers)
Date: 1999
References: Add references at CitEc
Citations View citations in EconPapers (160) Track citations by RSS feed

Downloads: (external link)
http://www.sciencedirect.com/science/article/B7P5X ... 80b976b93bdd1f0604e5
Full text for ScienceDirect subscribers only

Related works:
Working Paper: Micro Data and General Equilibrium Models (1999)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:eee:macchp:1-08

Access Statistics for this chapter

More chapters in Handbook of Macroeconomics from Elsevier
Series data maintained by Zhang, Lei ().

 
Page updated 2014-08-28
Handle: RePEc:eee:macchp:1-08