Macroeconometric Modeling of Japan

10.1142/7010 ◽  
2010 ◽  
Author(s):  
Shinichi Ichimura ◽  
Lawrence R Klein
Keyword(s):  
Macroeconometric Modeling

scholarly journals The ordinary business of macroeconometric modeling: working on the Fed-MIT-Penn model (1964-1974)

2018 ◽  
Author(s):  
Beatrice Cherrier ◽  
Roger Backhouse
Keyword(s):  
Policy Analysis ◽  
Big Science ◽  
The 1960S ◽  
Macroeconometric Modeling

The FMP model exemplifies the Keynesian models later criticized by Lucas, Sargent and others as conceptually flawed. For economists in the 1960s such models were “big science”, posing organizational as well as theoretical and empirical problems. It was part of an even larger industry in which the messiness for which such models were later criticized was endorsed as providing enabling modelers to be guided by data and as offering the flexibility needed to undertake policy analysis and to analyze the consequences of events. Practices that critics considered fatal weaknesses, such as intercept adjustments or fudging, were what clients were what clients paid for as the macroeconometric modeling industry went private.

scholarly journals The History of Macroeconometric Modeling

2019 ◽  
Vol 51 (3) ◽  
pp. 391-400 ◽  
Author(s):  
Marcel Boumans ◽  
Pedro Garcia Duarte
Keyword(s):  
History Of ◽  
Macroeconometric Modeling

scholarly journals Reflections on macroeconometric modeling

2015 ◽  
Vol 15 (1) ◽  
Author(s):  
Ray C. Fair
Keyword(s):  
General Model ◽  
Wealth Effects ◽  
Large Role ◽  
Road Map ◽  
Cowles Commission ◽  
Personal Reflections ◽  
Dsge Modeling ◽  
Area Section ◽  
Macroeconometric Modeling

AbstractI have been doing research in macroeconomics since the late 1960s, almost 50 years. In this paper I pause and take stock. The paper is part personal reflections on macroeconometric modeling, part a road map of the techniques of macroeconometric modeling, and part comments on what I think I have learned about how the macroeconomy works from my research in this area. Section 1 contrasts the methodology of the Cowles Commission approach with that of DSGE modeling. Section 2 presents the general model that I am using; Section 3 discusses theory; and Section 4 discusses estimation and solution. Section 5 then discusses various results from the estimation; Section 6 discusses various properties of the model; and Section 7 uses the model to analyze various economic events. Wealth effects play a large role in the analysis of past events.

The Cultural Origins of the Dutch Economic Modeling Practice

1999 ◽  
Vol 12 (2) ◽  
pp. 333-350 ◽  
Author(s):  
Adrienne van den Bogaard
Keyword(s):  
World War Ii ◽  
The Netherlands ◽  
Policy Process ◽  
Economic Modeling ◽  
World War ◽  
Social Democratic ◽  
The Social ◽  
Cultural Origins ◽  
Macroeconometric Modeling

The ArgumentThe Netherlands has been a pioneering country in the development of macroeconometric modeling and its use in economic policy. The paper shows that the model was used to overcome the fragmented culture of Dutch pillarization. It proves that the specific use (and institutionalization) of modeling in the policy process is at least partly shaped by a nation's (historical) social structure. The case study relates to the outcome of a controversy within the social democratic pillar in the Netherlands in the period 1930–50 as to how to plan the economic system in the context of the social developments leading up to the crisis, World War II, and the postwar recovery.

Macroeconometric Modeling for Policy

2009 ◽  
pp. 851-916 ◽  
Author(s):  
Gunnar Bårdsen ◽  
Ragnar Nymoen
Keyword(s):  
Macroeconometric Modeling

REX BERGSTROM’S CONTRIBUTIONS TO CONTINUOUS TIME MACROECONOMETRIC MODELING

2009 ◽  
Vol 25 (4) ◽  
pp. 1087-1098 ◽  
Author(s):  
K. Ben Nowman
Keyword(s):  
Economic Theory ◽  
Steady State ◽  
Continuous Time ◽  
Stability Properties ◽  
Time Dynamic ◽  
Macroeconomic Modeling ◽  
Macroeconometric Modeling ◽  
Continuous Time Models

This paper reviews the contributions of Rex Bergstrom to the development of continuous time dynamic disequilibrium macroeconomic modeling since the early 1960s. The models provide an elegant integration of economic theory with analysis of steady state and stability properties. The subsequent contributions of his Ph.D. students, spawned by Bergstrom’s work over the years, is also reviewed. It was Bergstrom’s early pioneering vision 40 years ago of formulating and estimating continuous time models that underlies much of the research in that area of econometrics and finance today.

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