A Small Macroeconometric Model for the Cyprus Economy

Aris Spanos and Niki Papadopoulou

No 2013-2, Working Papers from Central Bank of Cyprus

Abstract: The single most crucial weakness of current macroeconometric modeling stems from the fact that modelers ‘quantify/estimate’ their structural modeldirectly, ignoring the fact that behind every structural model there is a statistical model whose validity vis-a-vis the data underwrites the reliability of all inferences.

Keywords: structural vs. statistical model; statistical adequacy; statistical model validation; misspecification testing (search for similar items in EconPapers)
JEL-codes: C32 C51 C52 C53 E17 E27 E60 (search for similar items in EconPapers)
Pages: 43 pages
Date: 2013-08
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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