New Econometric Techniques for Marcoeconomic Policy Evaluation

John Taylor

No 42, NBER Technical Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper is an expository review of recently developed techniques that are designed to evaluate macroeconomic policy using econometric models ; The exposition focuses on dynamic stochastic models with rational expectations and with discrete time. The method of undetermined coefficients is used to calculate the effects of anticipated, unanticipated, permanent, and temporary policy shocks; the same method is also used to calculate the effect of alternative policy rules on the stochastic equilibrium. This method provides a convenient unifying framework for comparing alternative solution methods for models with rational expectations. Estimation, testing and identification techniques are reviewed as well as recent methods for solving large nonlinear models.

Date: 1984-11
Note: EFG
References: Add references at CitEc
Citations:

Published as Taylor, John B. "New Econometric Approaches to Stabilization Policy in Stochastic Models of Macroeconomic Fluctuations," Handbook of Econometrics, Vol. III, ed by Z. Griliches and M.D. Intriligator, Elsivier Science Publishers, 1985.

Downloads: (external link)
http://www.nber.org/papers/t0042.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberte:0042

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/t0042

Access Statistics for this paper

More papers in NBER Technical Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by (wpc@nber.org).