Structural macro-econometric modelling in a policy environment

Martin Fukac and Adrian Rodney Pagan ()

No RWP 10-08, Research Working Paper from Federal Reserve Bank of Kansas City

Abstract: In this paper we review the evolution of macroeconomic modelling in a policy environment that took place over the past sixty years. We identify and characterise four generations of macro models. Particular attention is paid to the fourth generation -- dynamic stochastic general equilibrium models. We discuss some of the problems in how these models are implemented and quantified.

New Economics Papers: this item is included in nep-cba, nep-dge and nep-mac
Date: 2010
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Related works:
Working Paper: Structural macro-wconometric modelling in a policy environment (2009)
Working Paper: Structural Macro-Econometric Modelling in a Policy Environment (2009)
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