Structural Macro-Econometric Modelling in a Policy Environment

descriptionPublicationkeyboard_double_arrow_right Article , Other literature type , Preprint 01 Jan 2010 English Publisher:Elsevier BVJournal:SSRN Electronic Journal (eissn: 1556-5068,

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Authors: Martin Fukac; Adrian R. Pagan;

doi: 10.2139/ssrn.1553948

Structural Macro-Econometric Modelling in a Policy Environment

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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.

Related Organizations

Federal Reserve Bank of Kansas City
United States
Australian National University
Australia
UNSW Sydney
Australia

Keywords

DSGE models;Phillips Curve;Macroeconometric Models;Bayesian Estimation, jel: jel:C52, jel: jel:C51, jel: jel:E12, jel: jel:E13

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