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Comparative Properties of Models of the Uk Economy


  • P.G. Fisher
  • D.S. Turner
  • K.F. Wallis
  • J.D. Whitley


This paper describes the current versions of six major macroeconometric models, using their wage-price-exchange rate interaction as a core supply-side framework in which to interpret their properties, as revealed in standard simulation experiments. Analysis of the individual relationships reveals several deviations from this framework in the majority of the models, precluding a straightforward derivation of their long-run properties. Despite differences in their supply-side treatment the models are essential to a description of the inflationary processes in the economy and, more generally, through ready-reckoners, to the provision of a quantitative assessment of policy options.

Suggested Citation

  • P.G. Fisher & D.S. Turner & K.F. Wallis & J.D. Whitley, 1990. "Comparative Properties of Models of the Uk Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 133(1), pages 91-115, August.
  • Handle: RePEc:sae:niesru:v:133:y:1990:i:1:p:91-115

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