 Comparative Properties of Models of the UK EconomyK.B. Church, P.R. Mitchell, P.N. Smith and Kenneth Wallis () National Institute Economic Review, 1995, vol. 153, issue 1, 59-72 Abstract: This article analyses the properties of five major macroeconometric models of the UK economy in the light of the current debate over the setting of monetary and fiscal policy instruments. The broad objectives of current policy—sound public finances and low inflation—are reflected in a common operating environment for the models, with feedback rules for income tax and interest rates. Five standard simulation experiments demonstrate the consequences of these policy choices. The models disagree on several implications of this new policy framework, a critical parameter being the speed with which financial imbalances are rectified and inflation targets are met. Date: 1995 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:sae:niesru:v:153:y:1995:i:1:p:59-72 Access Statistics for this article More articles in National Institute Economic Review from National Institute of Economic and Social Research Contact information at EDIRC. |
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