Otto Eckstein (1927–1984)

Jim Thomas ()
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Jim Thomas: Emeritus Reader in Economics, London School of Economics and Political Science

Chapter 23 in The Palgrave Companion to Harvard Economics, 2024, pp 555-571 from Springer

Abstract: Abstract Otto Eckstein was a pioneer in building large macroeconomic models of the US. He collected vast quantities of data which allowed him to construct a model containing over 800 equations. This model was made available via desktop computers to commercial enterprises to forecast sales and business conditions. Eckstein also used the model to test economic theories and found that the long lag before consumers adjusted to changing price expectations cast doubt on the theory of rational expectations.

Keywords: Macroeconomic model building; Consumer expectations; Stagflation; Core inflation (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-52053-2_23

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DOI: 10.1007/978-3-031-52053-2_23

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