Models and their uses
AbstractIt is argued that economists ought to recognize that modeling in different styles will be appropriate for different purposes or different stages in the development of an area of economics. As an example, the paper displays simulations of a stochastic general equilibrium model which shed light on the interpretation of widely discussed small macroeconomic vector autoregressive models connecting monetary variables to output and prices.
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Bibliographic InfoPaper provided by Federal Reserve Bank of Minneapolis in its series Discussion Paper / Institute for Empirical Macroeconomics with number 11.
Date of creation: 1989
Date of revision:
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