Macroeconometric Policy Modeling for India: A Review of Some Analytical Issues
AbstractMacroeconomic modelling is generally motivated by two objectives: forecasting and more significantly, policy analysis. In pursuit of both these objectives, every model must ideally satisfy four criteria. First and foremost, it must fit into a theoretical framework. Second, the actual specification of the model must reflect a clear understanding of the contextual framework within which policies are formulated and executed along with an envisaged process of adjustment. Third, it is essential that the model is built on a firm and rich data base and, finally, the estimated structural model must adequately utilise the rigors and sophistications of econometric methodology.Unfortunately this is a tall order which can seldom be met.[CDE DSE WP NO 74]
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Macroeconomic modelling; vector autoregression (VAR) modelling; econometric methodology; Cowles Commission Diebold; Price Behavior; Weintranb; monetary and fiscal policy; modus operandi; IEG-DSE model; World Project LINK system;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-05-23 (All new papers)
- NEP-CWA-2009-05-23 (Central & Western Asia)
- NEP-MAC-2009-05-23 (Macroeconomics)
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.:
- Francis X. Diebold, 1998.
"The Past, Present, and Future of Macroeconomic Forecasting,"
Journal of Economic Perspectives, American Economic Association,
American Economic Association, vol. 12(2), pages 175-192, Spring.
- Francis X. Diebold, 1997. "The past, present, and future of macroeconomic forecasting," Working Papers 97-20, Federal Reserve Bank of Philadelphia.
- Francis X. Diebold, 1997. "The Past, Present, and Future of Macroeconomic Forecasting," NBER Working Papers 6290, National Bureau of Economic Research, Inc.
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