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 InfoPaper provided by Centre for Economic Policy Research, Research School of Economics, Australian National University in its series CEPR Discussion Papers with number 264.
Length: 37 pages
Date of creation: 1992
Date of revision:
economic models ; econometrics ; economic forecasts;
Other versions of this item:
- Wallis, Kenneth F, 1993. "On Macroeconomic Policy and Macroeconometric Models," The Economic Record, The Economic Society of Australia, vol. 69(205), pages 113-30, June.
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