Comparative Properties of Models of the UK Economy

Church, Keith B.; Sault, Joanne E.; Sgherri, Silvia; Wallis, Kenneth

Comparative Properties of Models of the UK Economy

Keith B. Church, Joanne E. Sault, Silvia Sgherri and Kenneth Wallis ()
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Keith B. Church: Department of Economics, University of Warwick, Coventry CV4 7AL
Joanne E. Sault: Department of Economics, University of Warwick, Coventry CV4 7AL

National Institute Economic Review, 2000, vol. 171, issue 1, 106-122

Abstract: This article analyses the properties of five leading macroeconometric models of the UK economy, as revealed in four simulation experiments. These are carried out in a common operating environment that reflects the broad objectives of current policy - sound public finances and low inflation - by using feedback rules for income tax and interest rates. Developments in the structure of the models as revealed by the series of such exercises carried out during the lifetime of the ESRC Macroeconomic Modelling Bureau (I983-99) are described. The development of the research methods through which models' properties were elucidated and analysed is also reviewed.

Date: 2000
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Citations: View citations in EconPapers (18)

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Persistent link: https://EconPapers.repec.org/RePEc:sae:niesru:v:171:y:2000:i:1:p:106-122

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