MARSHALLIAN MACROECONOMIC MODEL: A PROGRESS REPORT

Arnold Zellner and Guillermo Israilevich

Macroeconomic Dynamics, 2005, vol. 9, issue 2, 220-243

Abstract: In this progress report, we first indicate the origins and early development of the Marshallian Macroeconomic Model and briefly review some of our past empirical forecasting experiments with the model. Then we present recently developed one-sector, two-sector and n-sector models of an economy that can be employed to explain past experience, predict future outcomes, and analyze policy problems. The results of simulation experiments with various versions of the model are provided to illustrate some of its dynamic properties that include “chaotic” features. Last, we present comments on planned future work with the model.

Date: 2005
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