Economic Modelling Current Issues And Problems In Macroeconomic Modelling In The U K And The U S

This book collects the revised and edited proceedings of the conference held in honour of the 50th anniversary of Professor Tinbergen's first macroeconomic policy model. Written by experts both in the field of model building and policy analysis, the contributions provide an invaluable overview of the state of the art and the use of macroeconomic models in our time.

This textbook is a thorough introduction to the theory and practice of macroeconomic modelling. It provides a rigorous exposition of the theory of modelling and examines the main UK and European macroeconomic models. Policy-relevant conclusions are drawn from the models, including new areas such as wealth effects and rational expectations. The text compares UK macroeconomic models with key US and European models, with an emphasis on policy analysis and the ERM.

This work describes how the discipline has adapted to changing demands by adopting new insights from economic theory and by taking advantage of the methodological and conceptual advances within time series econometrics.

Macroeconomic Modelling in a Changing World Towards a Common Approach Edited by Chris Allen and Stephen Hall Practical economic model building has changed enormously over the last twenty years. Econometrics has become much more sophisticated with the introduction of cointegration and non-stationary time series analysis. The use of economic theory in the form of complex non-linear cross equation restrictions is now much more widespread and the explicit modelling of expectations and credibility effects is more satisfactory. This has meant that the old style macroeconomic models which were complex by virtue of their size alone have been replaced by a generation of new models which embody complex theory and estimation to provide more superior forecasting and policy tools. Macroeconomic Modelling in a Changing World outlines the modelling approach which has been adopted at the Centre for Economic Forecasting at the London Business School, one of the world’s leading research institutes into macroeconomic modelling, in building its own models. Using explicit examples and illustrations, the authors examine the latest state-of-the-art models, and answer questions such as: How are modern econometrics used by model builders? How should we deal with structural change? How should expectations be modelled? How are models used in practice? Economics

First published in 1999, this book focuses on the macroeconomics issues which directly affect OPEC countries, aiming to set them in the context of the overall development effort. The most extant theoretical and empirical aspects in macroeconomics are integrated smoothly with institutional issues and policy questions. The analysis is illustrated through examples to show how the theories relate to the real world, especially to ongoing debates on developing economies as well as debates that encompass both developing and OPEC and developed countries.

Focusing on the trade-off between inflation and unemployment, this volume presents updated, systematic studies of the current versions of seven models of the UK economy, including those of the Treasury, Bank of England, Cambridge Growth Project, City University Business School, Liverpool University Research Group in Macroeconomics, London Business School, and National Institute of Economic and Social Research.