Recent Developments in the Institute's Domestic Macromodel

Simon Wren-Lewis

National Institute Economic Review, 1989, vol. 130, 47-51

Abstract: The forecast published in this Review uses the latest vintage of the Institute's domestic econometric model, version 11.4. In comparison with the model described a year ago (Model 11.1, see Wren-Lewis, (1988)) some of the main developments are:1) The key price and wage equations are both forward looking, and are based on explicit dynamic theories of adjustment. This is perhaps the first time that a large quarterly econometric model has attempted to identify the structural characteristics of nominal inertia in the UK.

Date: 1989
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