Inside a Modern Macroeconometric Model

The book gives a detailed account of a contemporary macroeconometric model that is regulary used for policy advising and for forecasting in commerce and industry.

Principles referred to in the text are illustrated by numerical examples PC users can verify how various key ideas work in practice Archetype, miniature and stylised models are used to explain principles at work in the larger MM model Includes 85 tables, 72 figures and 42 exercises

Klappentext

This book is unique. It gives a clear and systematic account of the economic basis of every equation in a major 100-equation macro model, plus full documentation of parameters and simulation properties. Results are explained in detail with the help of miniature models that capture the important macrodynamics as well as the steady-state properties of the model. Microeconomic underpinnings are stressed throughout. This book will be particularly useful to practitioners of policy economics and forecasting, as well as to upper-level undergraduate and graduate students in economics and econometrics.

Inhalt
1 Setting the Scene.- 1 How to Use this Book.- 2 Distinguishing Features of MM.- 3 Principal Mechanisms in MM.- 2 Structural Form of MM.- 4 Overview of Part Two.- 5 Wage Behaviour.- 6 Labour Force Participation.- 7 Private Consumption Behaviour.- 8 Behaviour of the Rental Price of Housing.- 9 Production of Housing Rental Services and Investment in Dwellings.- 10 The Enterprise Production Block of the Business Sector.- 11 Business Fixed Investment.- 12 Business Sector Employment.- 13 Import Supply and Demand.- 14 Aggregate Export Supply.- 15 Disaggregation of Export Supply.- 16 Overseas Demand for 'Commodity' Exports.- 17 Inventory Investment in 'Commodity' Exports.- 18 Demand for Non-'Commodity' Exports.- 19 Domestic Good Inventory Investment.- 20 Price Dynamics for the Domestic Good.- 21 Sales of the Domestic Good; Miscellaneous Identities for Investment and Capital.- 22 The Government Sector.- 23 Financial Markets.- 24 National-Accounting, Stock-Flow and Miscellaneous Identities.- 3 Simulations with MM.- 25 Introduction to the Simulations.- 26 Monetary Shocks.- 27 A Fiscal Shock.- 4 New Horizons.- 28 MM2 A Fully Integrated Macro-CGE Model.- References.- Author and Personal Names Index.- Tables.- Figures.- Exercises.