Abstract

  


 



Structural Macro-Econometric Modelling in a Policy Environment


Adrian Pagan


Australian National University (ANU) - Research School of Social Sciences (RSSS); University of New South Wales - Australian School of Business - School of Economics

Martin Fukac


Federal Reserve Bank of Kansas City
February 16, 2010


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 characterize 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.

Number of Pages in PDF File: 39

Keywords: history of macroeconomic modeling, policy oriented models, structural model evaluation, DSGE models

JEL Classification: B16, C50

working papers series


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Date posted: February 17, 2010  

Suggested Citation

Pagan, Adrian R. and Fukac, Martin, Structural Macro-Econometric Modelling in a Policy Environment (February 16, 2010). Available at SSRN: http://ssrn.com/abstract=1553948 or http://dx.doi.org/10.2139/ssrn.1553948

Contact Information

Adrian R. Pagan
Australian National University (ANU) - Research School of Social Sciences (RSSS) ( email )
Canberra, Australian Capital Territory 0200
Australia
+61 2 6249 2216 (Phone)
+61 06 249 0182 (Fax)
University of New South Wales - Australian School of Business - School of Economics
High Street
Sydney, NSW 2052
Australia
Martin Fukac (Contact Author)
Federal Reserve Bank of Kansas City ( email )
1 Memorial Dr.
Kansas City, MO 64198
United States
Feedback to SSRN (Beta)


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