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Assessing the performance of a macroeconomic model

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  • Hukkinen, Juhana
  • Virén, Matti

Abstract

This paper contains a description of a small quarterly model for the Finnish economy model (formerly, the QMED model).In addition to the basic features of this macroeconomic model, we report results from some stochastic simulations which illustrate the model's properties.Thus, the role of uncertainty in both endogenous and exogenous variables is scrutinized.We also report some simulations in which we try assess the importance of various factors which (presumably) contributed to the economic depression in Finland in 1991-1994.

Suggested Citation

  • Hukkinen, Juhana & Virén, Matti, 1995. "Assessing the performance of a macroeconomic model," Bank of Finland Research Discussion Papers 5/1995, Bank of Finland.
    • Handle: RePEc:zbw:bofrdp:rdp1995_005
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    References listed on IDEAS

    as
    1. Fair, Ray C & Taylor, John B, 1983. "Solution and Maximum Likelihood Estimation of Dynamic Nonlinear Rational Expectations Models," Econometrica, Econometric Society, vol. 51(4), pages 1169-1185, July.
    2. repec:zbw:bofrdp:1989_035 is not listed on IDEAS
    3. Ray C. Fair, 1989. "Does Monetary Policy Matter? Narrative Versus Structural Approaches," NBER Working Papers 3045, National Bureau of Economic Research, Inc.
    4. Pagan, Adrian, 1989. "On the role of simulation in the statistical evaluation of econometric models," Journal of Econometrics, Elsevier, vol. 40(1), pages 125-139, January.
    5. repec:zbw:bofrdp:1989_023 is not listed on IDEAS
    6. Hatanaka, Michio, 1978. "On the efficient estimation methods for the macro-economic models nonlinear in variables," Journal of Econometrics, Elsevier, vol. 8(3), pages 323-356, December.
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