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Reformulating Empirical Macroeconometric 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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Publisher copy:
10.1093/oxrep/16.4.138

Authors


Journal:
Oxford Review of Economic Policy
Volume:
16
Issue:
4
Publication date:
2000-01-01
DOI:
URN:
uuid:77abde53-8800-4be6-a24d-002e7db500c4
Local pid:
oai:economics.ouls.ox.ac.uk:14345
Language:
English

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