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Recent Developments in the Institute's Domestic Macromodel

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  • Wren-Lewis, Simon

Abstract

The forecast published in this Review uses the latest vintage of the Institute's domestic econometric model, version 11.4. In comparison with the model described a year ago (Model 11.1, see Wren-Lewis, (1988)) some of the main developments are:1) The key price and wage equations are both forward looking, and are based on explicit dynamic theories of adjustment. This is perhaps the first time that a large quarterly econometric model has attempted to identify the structural characteristics of nominal inertia in the UK.

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  • Wren-Lewis, Simon, 1989. "Recent Developments in the Institute's Domestic Macromodel," National Institute Economic Review, National Institute of Economic and Social Research, vol. 130, pages 47-51, November.
    • Handle: RePEc:cup:nierev:v:130:y:1989:i::p:47-51_5
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