On Macroeconomic Policy and Macroeconometric Models
AbstractMacroeconometric models provide a formal and quantified framework that is an irreplaceable adjunct to the processes of policy thought. This article analyzes some recent developments in model structure and model use, and the interactions between them. Two major areas in which recent research has contributed to the ongoing process of model development are considered, namely the supply-side approach to wages and unemployment, and the modeling of the exchange rate. An improved vehicle for macroeconomic policy analysis is an objective of such developments and some issues surrounding the use of macroeconometric models in policy analysis are discussed. Copyright 1993 by The Economic Society of Australia.
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Bibliographic InfoArticle provided by The Economic Society of Australia in its journal The Economic Record.
Volume (Year): 69 (1993)
Issue (Month): 205 (June)
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Other versions of this item:
- Wallis, K.F., 1992. "On Macroeconomic Policy and Macroeconometric Models," CEPR Discussion Papers 264, Centre for Economic Policy Research, Research School of Economics, Australian National University.
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