The state of macro-economic modelling
نویسنده
چکیده
The first is based upon the seminal work of Nobel Prize winner Larry Klein in his 1947 paper. This has two basic components. First, an essentially Keynesian system of macro-theoretical relationships. Second, fitting curves (planes) through empirical macrodata using econometric (statistical) techniques to estimate parameters for these theoretical relationships. Over the past 60 years, the models have expanded their theoretical content and the econometric estimation techniques have become more sophisticated. But the models currently in use in central banks, treasuries and private consultancies around the world would be immediately recognisable to the Larry Klein of 1947.
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