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Comparative Properties of Models of the UK Economy

  • Keith B. Church

    (Department of Economics, University of Warwick, Coventry CV4 7AL)

  • Joanne E. Sault

    (Department of Economics, University of Warwick, Coventry CV4 7AL)

  • Silvia Sgherri

    (Department of Economics, University of Warwick, Coventry CV4 7AL)

  • Kenneth F. Wallis

    (Department of Economics, University of Warwick, Coventry CV4 7AL)

This article analyses the properties of five leading macroeconometric models of the UK economy, as revealed in four simulation experiments. These are carried out in a common operating environment that reflects the broad objectives of current policy - sound public finances and low inflation - by using feedback rules for income tax and interest rates. Developments in the structure of the models as revealed by the series of such exercises carried out during the lifetime of the ESRC Macroeconomic Modelling Bureau (I983-99) are described. The development of the research methods through which models' properties were elucidated and analysed is also reviewed.

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File URL: http://ner.sagepub.com/content/171/1/106.abstract
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Article provided by National Institute of Economic and Social Research in its journal National Institute Economic Review.

Volume (Year): 171 (2000)
Issue (Month): 1 (January)
Pages: 106-122

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Handle: RePEc:sae:niesru:v:171:y:2000:i:1:p:106-122
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