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The role of simulation methods in Macroeconomics

Author

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  • Alfonso Novales

    (Departamento de Economía Cuantitativa, Universidad Complutense de Madrid, Somosaguas, 28223 Madrid, Spain)

Abstract

After reviewing the reasons to use solution methods in macroeconomics, this survey paper discusses different aspects relative to a rigorous use of the numerical output of such methods. Special attention is paid to suggestions that have been made to incorporate parameter uncertainty. Finally, the need to test for usually maintained assumptions, such as rationality of expectations, is emphasized.

Suggested Citation

  • Alfonso Novales, 2000. "The role of simulation methods in Macroeconomics," Spanish Economic Review, Springer;Spanish Economic Association, vol. 2(3), pages 155-181.
    • Handle: RePEc:spr:specre:v:2:y:2000:i:3:p:155-181
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    Keywords

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    JEL classification:

    • C8 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs
    • C9 - Mathematical and Quantitative Methods - - Design of Experiments
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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