Using the Murphy Model to Provide Short‐run Macroeconomic Closure for ORANI
James H. Breece,
Keith McLaren (),
Christopher W. Murphy and
Alan A. Powell
The Economic Record, 1994, vol. 70, issue 210, 292-314
A macro model incorporating rational expectations in financial markets (the Murphy Model–MM) is used to endogenize the macroeconomic environment for a comprehensive general equilibrium model (ORANI). The interface exploits the existence of variables which are endogenous to both models, calibrating on a shock to government spending. Prospective benefits include: (1) to the numerous policy oriented users of ORANI, a facility allowing the macroeconomic environment to be determined by a macrodynamic model such as MM; (2) to these users, reassurance that ORANI's short‐run translates in calendar time to about two years; (3) to the clientele of a macro model, the possibility of much more detailed projections.
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