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Reformulating Empirical Macro-econometric Modelling.

Abstract:

The policy implications of estimated macro-econometric systems depend on the formulations of their equations, the methodology of empirical model selection and evaluation, the techniques of policy analysis, and their forecast performance. Drawing on recent results in the theory of forecasting, we question the role of 'rational expectations'; criticize a common approach to testing economic theories; show that impulse-response methods of evaluating policy are seriously flawed; and question the m...

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Authors


David F. Hendry More by this author
Grayham E. Mizon More by this author
Volume:
0104
Series:
Discussion Paper Series In Economics And Econometrics
Publication date:
2001
URN:
uuid:51e536c4-9fff-47bc-b691-eb654c4c88c3
Local pid:
oai:economics.ouls.ox.ac.uk:11860
Language:
English

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