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Structural Macro-Econometric Modelling in a Policy Environment

  • Martin Fukac

    (Reserve Bank of NA)

  • Adrian Pagan



The paper looks at the development of macroeconometric models over the past sixty years. In particular those that have been used for analysing policy options. We argue that there have been four generations of these. Each generation has evolved new features that have been partly drawn from the developing academic literature and partly from the perceived weaknesses in the previous generation. Overall the evolution has been governed by a desire to answer a set of basic questions and sometimes by what can be achieved using new computational methods. Our account of each generation considers their design, the way in which parameters were quantified and how they were evaluated.

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Paper provided by National Centre for Econometric Research in its series NCER Working Paper Series with number 50.

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Length: 41
Date of creation: 17 Nov 2009
Date of revision:
Handle: RePEc:qut:auncer:2009_63
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