Structural Macro-Econometric Modelling in a Policy Environment
Australian National University (ANU) - Research School of Social Sciences (RSSS); University of New South Wales - Australian School of Business - School of Economics
Federal Reserve Bank of Kansas City
February 16, 2010
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, C50working papers series
Date posted: February 17, 2010
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