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Structural Macro-Econometric Modelling in a Policy Environment

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  • Martin Fukac

    (Reserve Bank of NA)

  • Adrian Pagan

    ()
    (QUT)

Abstract

The paper looks at the development of macroeconometric models over the past sixty years. In particular those that have been used for analysing policy options. We argue that there have been four generations of these. Each generation has evolved new features that have been partly drawn from the developing academic literature and partly from the perceived weaknesses in the previous generation. Overall the evolution has been governed by a desire to answer a set of basic questions and sometimes by what can be achieved using new computational methods. Our account of each generation considers their design, the way in which parameters were quantified and how they were evaluated.

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File URL: http://www.ncer.edu.au/papers/documents/WPNo50.pdf
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Bibliographic Info

Paper provided by National Centre for Econometric Research in its series NCER Working Paper Series with number 50.

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Length: 41
Date of creation: 17 Nov 2009
Date of revision:
Handle: RePEc:qut:auncer:2009_63

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Keywords: DSGE models; Phillips Curve; Macroeconometric Models; Bayesian Estimation;

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Citations

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Cited by:
  1. Aliya Algozhina, 2012. "Monetary and Fiscal Policy Interactions in an Emerging Open Economy: A Non-Ricardian DSGE Approach," CERGE-EI Working Papers wp476, The Center for Economic Research and Graduate Education - Economic Institute, Prague.
  2. Fabio Bacchini & Cristina Brandimarte & Piero Crivelli & Roberta De Santis & Marco Fioramanti & Alessandro Girardi & Roberto Golinelli & Cecilia Jona-Lasinio & Massimo Mancini & Carmine Pappalardo & D, 2013. "Building the core of the Istat system of models for forecasting the Italian economy: MeMo-It," Rivista di statistica ufficiale, ISTAT - Italian National Institute of Statistics - (Rome, ITALY), vol. 15(1), pages 17-45.

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