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Literaturbeitrag / Review Paper. Macroeconometric Models – From “Little Science” to “Big Science”

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  • Heilemann Ullrich

    () (Institut für Empirische Wirtschaftsforschung (IEW), Universität Leipzig, Grimmaische Straße 12–14, 04109 Leipzig, Germany, and Fraunhofer Center for Central and Eastern Europe, Neumarkt 9–19, 04109 Leipzig, Germany)

Abstract

This is a fine, useful book on the history and structure of macroeconometric models. Its perspective is “applied” and has a “positivistic bias”. It gives a good (or not so good) picture of the state of the art. The problems of the now “Big Science” deserve more attention than the modelling community (and Welfe) so far has been willing to pay. The trend towards ever larger policy-relevant models will continue. However, few of them are accessible to third parties. “Transparency”, a major goal models had once started to increase, continues to get out of sight.

Suggested Citation

  • Heilemann Ullrich, 2015. "Literaturbeitrag / Review Paper. Macroeconometric Models – From “Little Science” to “Big Science”," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 235(1), pages 82-89, February.
  • Handle: RePEc:jns:jbstat:v:235:y:2015:i:1:p:82-89
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    References listed on IDEAS

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    1. Günter Coenen & Christopher J. Erceg & Charles Freedman & Davide Furceri & Michael Kumhof & René Lalonde & Douglas Laxton & Jesper Lindé & Annabelle Mourougane & Dirk Muir & Susanna Mursula & Carlos d, 2012. "Effects of Fiscal Stimulus in Structural Models," American Economic Journal: Macroeconomics, American Economic Association, vol. 4(1), pages 22-68, January.
    2. Wieland, Volker & Cwik, Tobias & Müller, Gernot J. & Schmidt, Sebastian & Wolters, Maik, 2012. "A new comparative approach to macroeconomic modeling and policy analysis," Journal of Economic Behavior & Organization, Elsevier, vol. 83(3), pages 523-541.
    3. Ullrich Heilemann & Herman O. Stekler, 2013. "Has The Accuracy of Macroeconomic Forecasts for Germany Improved?," German Economic Review, Verein für Socialpolitik, vol. 14(2), pages 235-253, May.
    4. Felix Reichling & Charles Whalen, 2012. "Assessing the Short-Term Effects on Output of Changes in Federal Fiscal Policies: Working Paper 2012-08," Working Papers 43278, Congressional Budget Office.
    5. Sebastian Gechert & Henner Will, 2012. "Fiscal Multipliers: A Meta Regression Analysis," IMK Working Paper 97-2012, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    6. Fair, Ray C., 2012. "Has macro progressed?," Journal of Macroeconomics, Elsevier, vol. 34(1), pages 2-10.
    7. Sowey, Eric & Hargreaves, Colin, 1991. "Dissemination of macroeconometric models: Is a new age dawning?," Journal of Policy Modeling, Elsevier, vol. 13(4), pages 599-621.
    8. Ronald G. Bodkin & Lawrence R. Klein & Kanta Marwah, 1991. "A History of Macroeconometric Model-Building," Books, Edward Elgar Publishing, number 51.
    9. Wallis, Kenneth F, 1993. "Comparing Macroeconometric Models: A Review Article," Economica, London School of Economics and Political Science, vol. 60(238), pages 225-237, May.
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