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Macroeconometric Policy Modeling for India: A Review of Some Analytical Issues

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  • V. Pandit

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    Abstract

    Macroeconomic 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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    Bibliographic Info

    Paper provided by eSocialSciences in its series Working Papers with number id:1955.

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    Date of creation: May 2009
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    Handle: RePEc:ess:wpaper:id:1955

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    Related research

    Keywords: 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;

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    1. 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.
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