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Horizons of Understanding: A Review of Ray Fair's Estimating How the Macroeconomy Works

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  • Jesús Fernández-Villaverde

Abstract

Ray Fair's Estimating How the Macroeconomy Works is the latest in a series of books by Fair that build, estimate, and apply his macroeconometric model to study the U.S. economy. In this book, Fair updates the model to incorporate the most recent data and uses it to analyze several important empirical questions, such as whether the U.S. economy moved into a new age of high productivity in the last half of the 1990s and the dynamics of prices, output, and unemployment. This review places his work in the context of the historical evolution of aggregate econometric models, compares it with the current developments in the estimation of dynamic stochastic general equilibrium models, and discusses some salient aspects of Fair’s contributions.

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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jel.46.3.685
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Bibliographic Info

Article provided by American Economic Association in its journal Journal of Economic Literature.

Volume (Year): 46 (2008)
Issue (Month): 3 (September)
Pages: 685-703

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Handle: RePEc:aea:jeclit:v:46:y:2008:i:3:p:685-703

Note: DOI: 10.1257/jel.46.3.685
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Cited by:
  1. Fabio Bacchini & Cristina Brandimarte & Piero Crivelli & Roberta De Santis & Marco Fioramanti & Alessandro Girardi & Roberto Golinelli & Cecilia Jona-Lasinio & Massimo Mancini & Carmine Pappalardo & D, 2013. "Building the core of the Istat system of models for forecasting the Italian economy: MeMo-It," Rivista di statistica ufficiale, ISTAT - Italian National Institute of Statistics - (Rome, ITALY), vol. 15(1), pages 17-45.
  2. Roberto Golinelli & Giuseppe Parigi, 2013. "Tracking world trade and GDP in real time," Temi di discussione (Economic working papers) 920, Bank of Italy, Economic Research and International Relations Area.

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