Structural Macro-Econometric Modelling in a Policy Environment

39 Pages Posted: 17 Feb 2010

See all articles by Adrian Pagan

Adrian Pagan

Australian National University (ANU) - Research School of Social Sciences (RSSS); UNSW Australia Business School, School of Economics

Martin Fukac

Federal Reserve Bank of Kansas City

Date Written: 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.

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

JEL Classification: B16, C50

Suggested Citation

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

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)

UNSW Australia Business School, 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

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