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Structural Modelling Under Challenge

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  • V. Pandit

    (Delhi School of Economics)

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    Abstract

    Over the last two decades or so macroeconometric modelling which was in vogue over the sixties and the seventies has ceased to be high on the academic agenda. This has been for a number of developments in macroeconomic theory and in econometric methodology. At the same time it is by no means true that macroeconometric modelling in the Cowles Commission tradition has been given up. Like all healthy disciplines the subject has incorporated some of the new developments and rejected some. Structural models continue to be used for policy formulation and continue to be used for policy formulation and evaluation all over the world because no viable alternative has emerged so far. This paper is intended to take stock of the prevailing situation and to suggest the course that the subject is likely to take in the years to come.

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    Bibliographic Info

    Paper provided by Centre for Development Economics, Delhi School of Economics in its series Working papers with number 98.

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    Length: 22 pages
    Date of creation: Nov 2001
    Date of revision:
    Handle: RePEc:cde:cdewps:98

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    1. Francis X. Diebold, 1998. "The Past, Present, and Future of Macroeconomic Forecasting," Journal of Economic Perspectives, American Economic Association, vol. 12(2), pages 175-192, Spring.
    2. Benassy, Jean-Pascal, 1990. "Non-Walrasian equilibria, money, and macroeconomics," Handbook of Monetary Economics, in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 1, chapter 4, pages 103-169 Elsevier.
    3. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-70, November.
    4. Taylor, John B, 1993. "The Use of the New Macroeconometrics for Policy Formulation," American Economic Review, American Economic Association, vol. 83(2), pages 300-305, May.
    5. Hsiao, Cheng, 1997. "Statistical Properties of the Two-Stage Least Squares Estimator under Cointegration," Review of Economic Studies, Wiley Blackwell, vol. 64(3), pages 385-98, July.
    6. Martin Eichenbaum, 1990. "Real Business Cycle Theory: Wisdom or Whimsy?," NBER Working Papers 3432, National Bureau of Economic Research, Inc.
    7. Leamer, Edward E, 1983. "Let's Take the Con Out of Econometrics," American Economic Review, American Economic Association, vol. 73(1), pages 31-43, March.
    8. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January.
    9. Cheng Hsiao, 1997. "Cointegration and Dynamic Simultaneous Equations Model," Econometrica, Econometric Society, vol. 65(3), pages 647-670, May.
    10. Eichenbaum, Martin, 1995. "Some Comments on the Role of Econometrics in Economic Theory," Economic Journal, Royal Economic Society, vol. 105(433), pages 1609-21, November.
    11. Hendry, David F, 1980. "Econometrics-Alchemy or Science?," Economica, London School of Economics and Political Science, vol. 47(188), pages 387-406, November.
    12. Thomas J. Sargent & Neil Wallace, 1974. "Rational expectations and the theory of economic policy," Working Papers 29, Federal Reserve Bank of Minneapolis.
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    Cited by:
    1. V. Pandit, 2002. "Sustainable Economic Growth for India: An Exercise in Macroeconomic Scenario Building," Working papers 100, Centre for Development Economics, Delhi School of Economics.
    2. V. Pandit, 2010. "Sustainable Economic Growth for India: An Exercise in Macroeconomic Scenario Building," Working Papers id:2924, eSocialSciences.
    3. V. Pandit, 2008. "Sustainable Economic Growth for India," Working Papers id:1546, eSocialSciences.

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