Long-Run Properties of Large-Scale Macroeconometric Models
Kenneth Wallis () and
John D. Whitley
Annals of Economics and Statistics, 1987, issue 6-7, 207-224
We consider alternative approaches to the evaluation of the long-run properties of dynamic nonlinear macroeconometric models, namely dynamic simulation over an extended database, or the construction and direct solution of the steady-state version of the model. An application to a small model of the UK economy is presented. The model is found to be unstable, but a stable form can be produced by simple alterations to the structure.
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Persistent link: https://EconPapers.repec.org/RePEc:adr:anecst:y:1987:i:6-7:p:207-224
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