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Structural Modelling Under Challenge

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Author Info
V. Pandit (Delhi School of Economics)
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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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
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Handle: RePEc:cde:cdewps:98

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Find related papers by JEL classification:
C30 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - General
C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation

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  1. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January. [Downloadable!] (restricted)
  2. Hsiao, Cheng, 1997. "Statistical Properties of the Two-Stage Least Squares Estimator under Cointegration," Review of Economic Studies, Blackwell Publishing, vol. 64(3), pages 385-98, July. [Downloadable!] (restricted)
  3. 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. [Downloadable!] (restricted)
  4. 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. [Downloadable!] (restricted)
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  5. 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. [Downloadable!] (restricted)
  6. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-70, November. [Downloadable!] (restricted)
    Other versions:
  7. Hendry, David F, 1980. "Econometrics-Alchemy or Science?," Economica, London School of Economics and Political Science, vol. 47(188), pages 387-406, November. [Downloadable!] (restricted)
  8. Francis X. Diebold, 1997. "The past, present, and future of macroeconomic forecasting," Working Papers 97-20, Federal Reserve Bank of Philadelphia. [Downloadable!]
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  9. Eichenbaum, Martin, 1991. "Real business-cycle theory : Wisdom or whimsy?," Journal of Economic Dynamics and Control, Elsevier, vol. 15(4), pages 607-626, October. [Downloadable!] (restricted)
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  10. Benassy Jean-pascal, 1987. "Non-walrasian equilibria money and macroeconomics," CEPREMAP Working Papers (Couverture Orange) 8725, CEPREMAP.
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  11. Cheng Hsiao, 1997. "Cointegration and Dynamic Simultaneous Equations Model," Econometrica, Econometric Society, vol. 65(3), pages 647-670, May.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. V. Pandit, 2008. "Sustainable Economic Growth for India," Working Papers id:1546, esocialsciences.com. [Downloadable!]
  2. 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. [Downloadable!]
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This page was last updated on 2009-12-11.

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