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Macroeconometric Policy Modeling for India: A Review of Some Analytical Issues

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  • V. Pandit

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Abstract

Macroeconomic modelling is generally motivated by two objectives: forecasting and more significantly, policy analysis. In pursuit of both these objectives, every model must ideally satisfy four criteria. First and foremost, it must fit into a theoretical framework. Second, the actual specification of the model must reflect a clear understanding of the contextual framework within which policies are formulated and executed along with an envisaged process of adjustment. Third, it is essential that the model is built on a firm and rich data base and, finally, the estimated structural model must adequately utilise the rigors and sophistications of econometric methodology.Unfortunately this is a tall order which can seldom be met.[CDE DSE WP NO 74]

Suggested Citation

  • V. Pandit, 2009. "Macroeconometric Policy Modeling for India: A Review of Some Analytical Issues," Working Papers id:1955, eSocialSciences.
  • Handle: RePEc:ess:wpaper:id:1955
    Note: Institutional Papers
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    References listed on IDEAS

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    1. Francis X. Diebold, 1998. "The Past, Present, and Future of Macroeconomic Forecasting," Journal of Economic Perspectives, American Economic Association, vol. 12(2), pages 175-192, Spring.
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