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Models and their uses

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  • Christopher A. Sims

Abstract

It is argued that economists ought to recognize that modeling in different styles will be appropriate for different purposes or different stages in the development of an area of economics. As an example, the paper displays simulations of a stochastic general equilibrium model which shed light on the interpretation of widely discussed small macroeconomic vector autoregressive models connecting monetary variables to output and prices.

Suggested Citation

  • Christopher A. Sims, 1989. "Models and their uses," Discussion Paper / Institute for Empirical Macroeconomics 11, Federal Reserve Bank of Minneapolis.
  • Handle: RePEc:fip:fedmem:11
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    References listed on IDEAS

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    1. Sims, Christopher A, 1972. "Money, Income, and Causality," American Economic Review, American Economic Association, vol. 62(4), pages 540-552, September.
    2. Christopher A. Sims, 1982. "Policy Analysis with Econometric Models," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 13(1), pages 107-164.
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    Keywords

    Econometric models;

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