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Macro-Econometric System Modelling @75

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  • Tony Hall
  • Jan Jacobs
  • Adrian Pagan

Abstract

We summarize the history of macroeconometric system modelling as having produced four generations of models. Over time the principles underlying the model designs have been extended to incorporate eight major features. Because models often evolve in response to external events we are led to ask what has happened to models used in the policy process since the financial crisis on 2008/9. We find that models have become smaller but that there is still no standard way of capturing the effects of such a crisis

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File URL: https://cama.crawford.anu.edu.au/sites/default/files/publication/cama_crawford_anu_edu_au/2013-10/67_hall_jacobs_pagan.pdf
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Bibliographic Info

Paper provided by Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University in its series CAMA Working Papers with number 2013-67.

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Length: 42 pages
Date of creation: Oct 2013
Date of revision:
Handle: RePEc:een:camaaa:2013-67

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