Posted

August 01, 2010 12:00:00 AM

Date

2010-02

Author

Structural macro-econometric modelling in a policy environment

Affiliation

Federal Reserve Bank of Kansas City

Title

Structural macro-econometric modelling in a policy environment

Summary /
Abstract

In this paper we review the evolution of macroeconomic modelling in a policy environment that took place over the past sixty years. We identify and characterise four generations of macro models. Particular attention is paid to the fourth generation -- dynamic stochastic general equilibrium models. We discuss some of the problems in how these models are implemented and quantified.

Source: Research Working Paper of the Federal Reserve Bank of Kansas City

Keywords

Structural macro-econometric modelling in a policy environment

Remarks

This is a very useful survey paper (jointly with Martin Fukac) by the world-renowned Australian econometrician, Adrian Pagan, whom I met in Singapore when we were both Visiting Profs at Bobby Mariano's SMU during 2005-06. By policy environment, they mean "central banking."

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