The Econometrics of Macroeconomic Modelling (Paperback)

Langue : anglais

Edité par Oxford University Press, Oxford, 2005

0199246505 / 9780199246502

Série : Livre 23 sur 26 - Advanced Texts in Econometrics

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Paperback. Macroeconometric models, in many ways the flagships of the economist's profession in the 1960s, came under increasing attack from both theoretical economist and practitioners in the late 1970s. Critics referred to their lack of microeconomic theoretical foundations, ad hoc models of expectations, lack of identification, neglect of dynamics and non-stationarity, and poor forecasting properties. By the start of the 1990s, the status of macroeconometric models haddeclined markedly, and had fallen completely out of, and with, academic economics. Nevertheless, unlike the dinosaurs to which they often have been likened, macroeconometric models have never completelydisappeared from the scene. This book describes how and why the discipline of macroeconometric modelling continues to play a role for economic policymaking by adapting to changing demands, in response, for instance, to new policy regimes like inflation targeting. Model builders have adopted new insights from economic theory and taken advantage of the methodological and conceptual advances within time series econometrics over the last twenty years. Themodelling of wages and prices takes a central part in the book as the authors interpret and evaluate the last forty years of international research experience in the light of the Norwegian 'maincourse' model of inflation in a small open economy. The preferred model is a dynamic model of incomplete competition, which is evaluated against alternatives as diverse as the Phillips curve, Nickell-Layard wage curves, the New Keynesian Phillips curve, and monetary inflation models on data from the Euro area, the UK, and Norway. The wage price core model is built into a small econometric model for Norway to analyse the transmission mechanism and to evaluate monetarypolicy rules. The final chapter explores the main sources of forecast failure likely to occur in a practical modelling situation, using the large-scale nodel RIMINI and the inflation models of earlierchapters as case studies. Inflation targeting has moved the quality of econometric methodology and practice into the limelight of economic policy debate. This book describes how the discipline has adapted to changing demands by adopting insights from economic theory and by taking advantage of the methodological and conceptual advances within time series econometrics. This item is printed on demand. Shipping may be from our Sydney, NSW warehouse or from our UK or US warehouse, depending on stock availability.…

N° de réf. du vendeur 9780199246502

Titre
The Econometrics of Macroeconomic Modelling (Paperback)
Auteur
Eilev S. Jansen
Éditeur
Oxford University Press, Oxford
Année de publication
2005
État de l'article
new
Reliure
Paperback
Langue
anglais
ISBN à 10 chiffres
0199246505
ISBN à 13 chiffres
9780199246502
Série
Livre 23 sur 26: Advanced Texts in Econometrics

AussieBookSeller

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Article25 à 45 jours ouvrés8 à 14 jours ouvrés
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