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Comments on the evaluation of policy models

  • Clive W. J. Granger
  • Melinda Deutsch

This paper examines the evaluation of models claimed to be relevant for policy making purposes. A number of tests are proposed to determine the usefulness of such models in the policy making process. These tests are applied to three empirical examples.

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File URL: http://www.federalreserve.gov/pubs/ifdp/1991/413/default.htm
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File URL: http://www.federalreserve.gov/pubs/ifdp/1991/413/ifdp413.pdf
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Paper provided by Board of Governors of the Federal Reserve System (U.S.) in its series International Finance Discussion Papers with number 413.

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Date of creation: 1991
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Handle: RePEc:fip:fedgif:413
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  1. Frankel, Jeffrey A., 1990. "International Nominal Targeting (INT): A Proposal for Overcoming Obstacles to Policy Coordination," Department of Economics, Working Paper Series qt4rn0t6wv, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  2. Robert J. Barro & Mark Rush, 1980. "Unanticipated Money and Economic Activity," NBER Chapters, in: Rational Expectations and Economic Policy, pages 23-73 National Bureau of Economic Research, Inc.
  3. David F. Hendry & Neil R. Ericsson, 1990. "Modeling the demand for narrow money in the United Kingdom and the United States," International Finance Discussion Papers 383, Board of Governors of the Federal Reserve System (U.S.).
  4. Kevin D. Hoover & Steven M. Sheffrin, 1990. "Causation, spending and taxes: sand in the sandbox or tax collector for the welfare state?," Proceedings, Federal Reserve Bank of San Francisco, issue Nov.
  5. Dutkowsky, Donald H, 1984. " The Demand for Borrowed Reserves: A Switching Regression Model," Journal of Finance, American Finance Association, vol. 39(2), pages 407-24, June.
  6. Granger, C. W. J., 1988. "Causality, cointegration, and control," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 551-559.
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