Advanced Search
MyIDEAS: Login to save this paper or follow this series

Macro-econometric Models and the Outline of the MEAD-RIETI Model (Japanese)

Contents:

Author Info

  • FUKUYAMA Mitsuhiro
  • OIKAWA Keita
  • YOSHIHARA Masayoshi
  • NAKAZONO Yoshiyuki

Abstract

The global financial crisis, triggered by the subprime mortgage problem and resulting in the collapse of a major American investment bank in September 2008, has seriously affected the Japanese economy. The Japanese government has instigated certain policies in response to the global economic recession and volatility in financial markets. In formulating policies, it has become increasingly necessary to forecast different economic scenarios by taking into account the possible impact of policies and risks, including contributing factors from abroad. Using macro-econometric models is one way to respond to this. In recent years, the governments, central banks and international organizations of many nations have placed more emphasis on aligning their macro-econometric models with macroeconomic theory, in order to better respond with the "Lucas Critique." This paper will attempt to achieve two things: 1) to illustrate the macro-econometric models of foreign countries and Japan and the macroeconomic theory behind those models, and 2) to explain the "MEAD-RIETI Model" (MRM) which we have constructed. While the aim of the MRM is to evaluate quantitatively the risks and impacts of policy decisions, it is a hybrid model which attaches a high degree of importance to how it fits with empirical data considering the consistency of the model with macroeconomic theory. Although MRM comprehensively covers SNA and other key economic variables, MRM prefers simplicity over complexity with regards to model specification and avoids the use of too many variables.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.rieti.go.jp/jp/publications/dp/10j045.pdf
Download Restriction: no

Bibliographic Info

Paper provided by Research Institute of Economy, Trade and Industry (RIETI) in its series Discussion Papers (Japanese) with number 10045.

as in new window
Length: 95 pages
Date of creation: Jul 2010
Date of revision:
Handle: RePEc:eti:rdpsjp:10045

Contact details of provider:
Postal: 11th floor, Annex, Ministry of Economy, Trade and Industry (METI) 1-3-1, Kasumigaseki Chiyoda-ku, Tokyo, 100-8901
Phone: +81-3-3501-1363
Fax: +81-3-3501-8577
Email:
Web page: http://www.rieti.go.jp/
More information through EDIRC

Related research

Keywords:

This paper has been announced in the following NEP Reports:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:eti:rdpsjp:10045. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (NUKATANI Sorahiko).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.