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Structural Modelling of Dynamic Macro-Economic Systems: General Considerations, Techniques and an Application to the Federal Republic of Germany

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  • Grant Kirkpatrick

Abstract

It is argued that many of the issues of current policy interest require an understanding of adjustment paths or of real time dynamics. To this end, the usual notions of equilibrium path and of asymptotic stability must be supplemented by concepts of time and distance. Moreover, this must be done in the context of larger dynamic models since results arising from the usual small dimension dynamic theoretical models do not extend to larger systems. The argument is illustrated by considering a 22 differential equation model of Germany. The model is solved for its equilibrium path (both growth rates and levels) and sensitivity analysis utilized for the analysis of its dynamics (i. e. time and distance). Simulations are presented which illustrate short, medium and long run aspects of this type of model.

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  • Grant Kirkpatrick, 1987. "Structural Modelling of Dynamic Macro-Economic Systems: General Considerations, Techniques and an Application to the Federal Republic of Germany," Annals of Economics and Statistics, GENES, issue 6-7, pages 71-99.
    • Handle: RePEc:adr:anecst:y:1987:i:6-7:p:71-99
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