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Topic: Macroeconomic models

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	Macroeconomics - Wikipedia, the free encyclopedia
		Macroeconomics is a sub-field of economics that examines the behavior of the economy as a whole, once all of the individual economic decisions of companies and industries have been summed.
		Macroeconomics is sometimes used to refer to a general approach to economic reasoning, which includes long term strategies and rational expectations in aggregate behavior.
		The first global macroeconomic model, Wharton Econometric Forecasting Associates LINK project, was initiated by Lawrence Klein and was mentioned in his citation for the Nobel Memorial Prize in Economics in 1980.
	en.wikipedia.org /wiki/Macroeconomic (1106 words)

	FRB: Speech, Meyer -- The role for structural macroeconomic models -- January 5, 1997
		Models capture historical regularities, identify key assumptions that must be made to condition the forecast, embody estimates of the effects of past and future policy actions on the economy, and provide a disciplined approach to learning from past errors.
		The model forecast is conditioned by the same set of assumptions as the judgmental forecast and statistical models are used to generate the path of adjustment factors, avoiding any role for judgment in the forecast.
		The members of the model group also actively participate in the discussions as the judgmental forecast evolves, focusing in particular on the consistency between the adjustment factors that would be required to impose the judgmental forecast on the model and the pattern of adjustment factors in the "pure" model forecast.
	www.federalreserve.gov /boarddocs/speeches/1997/19970105.htm (2599 words)

	Model (economics) - Wikipedia, the free encyclopedia
		In general terms, economic models have two functions: first as a simplification of and abstraction from observed data, and second as a means of selection of data based on a paradigm of econometric study.
		Models in which the vector nature of the quantities is maintained are used in practice, for example Leontief input-output models are of this kind.
		Models of consumption either assume that humans are immortal or that teenagers plan their life around an optimal retirement supported by the next generation.
	en.wikipedia.org /wiki/Model_(economics) (3546 words)

	FRBSF: Economic Letter - Macroeconomic Models for Monetary Policy (04/19/2002)
		Such a focus on the empirical estimates of a structural equation is the hallmark of the second type of model used to analyze monetary policy: the structural macroeconometric model.
		These models, which continue a line of research over 50 years old, have been updated during the past decade or so with explicit expectations and better long-run properties, but another panel discussant, Larry Christiano, suggested that GE models could be a useful alternative.
		The estimated model is also used to show that historical monetary policy in the euro area has apparently deviated from the way an optimal monetary policy should have been set in response to various structural shocks.
	www.frbsf.org /publications/economics/letter/2002/el2002-11.html (1996 words)

	Model (via CobWeb/3.1 planetlab2.cs.unc.edu) (Site not responding. Last check: 2007-11-07)
		In mathematics, particularly in set theory, a Model is some concrete realization of a set of axioms (in a sense this is the opposite of the previous definition).
		Similitude (model) is testing criteria of a Model to insure that results are applicable to the real thing.
		A scale model is a replica or prototype of an object built either for research or as a hobby, usually built smaller than the existing or intended thing, though can equally be built larger to illustrate something that would otherwise be hard to see.
	model.iqnaut.net.cob-web.org:8888 (252 words)

	INFORUM Models (Site not responding. Last check: 2007-11-07)
		At its core is the interindustry model, which calculates sectoral outputs based on econometric forecasts of demands for each good, as well as the dynamically changing structure of the economy.
		Macroeconomic results in the model are determined in large part through the aggregation of forecast industry variables.
		Population and labor supply projections from DPM are used as exogenous inputs to the LIFT model.
	inforumweb.umd.edu /Models.html (250 words)

	The Keynesian Model (via CobWeb/3.1 planetlab2.cs.unc.edu) (Site not responding. Last check: 2007-11-07)
		Although some economists argue that the development of "Keynesian" economics in the 1940s and 1950s involved distortions of the true message of Keynes, it is these developments that had become the conventional wisdom of economics by 1965.
		Explain the logic of the multiplier model in terms of circular flow, leakages of spending, and injections of spending.
		When given the multiplier in a nultiplier model and a desired change in total spending, be able to predict the required change in exogenous spending.
	ingrimayne.saintjoe.edu.cob-web.org:8888 /econ/Keynes/Overview12ma.html (375 words)

	CEMFI
		A primer in the estimation of dynamic macroeconomic models
		The course will focus on a macroeconomic model with a rich specification of both its real components (investment adjustment costs, capital utilization, habit persistence, taxes, openness to international trade and capital markets) and nominal components (price and wage stickiness, monetary policy).
		The purpose of this course is to provide an up-to-date coverage of the main methods and models used in the econometric analysis of panel data with a special emphasis in their areas of application.
	www.cemfi.es /studies/ssef/courses.asp?lang=en (1062 words)

	Macroeconomics
		The Keynesian IS/LM Model shifts from the Classical Model's focus on the wage rate to a focus on long-term and short-term interest rates.
		The model is presented in two versions, one with fixed prices and one where the Aggregate Supply/Aggregate Demand extension adds adjustments in the nominal price level to the mix.
		The IS/MP Model addresses a perceived shortcoming of the IS/LM Model by replacing the price level with the inflation rate and by replacing the nominal interest rate with the real interest rate.
	www.econmodel.com /classic/macro1.htm (400 words)

	Intertemporal Fiscal Policy in Macroeconomic Models: Introduction and Major Alternatives (Site not responding. Last check: 2007-11-07)
		A third paper describes a two-region empirical macroeconomic model based on the equations for the United States in the IMF staff's multicountry model, MULTIMOD, and reports simulation results of the alternative fiscal closure rules implemented in that abridgement of MULTIMOD.
		The research highlights the conclusion that, in a macroeconomic model of any type, the consequences for national economies of a shock or policy action can be significantly conditioned by the intertemporal fiscal reaction function used in the model.
		Builders and users of macroeconomic models thus need to pay more careful attention to fiscal reaction functions than they typically have in the past.
	www.brook.edu /views/papers/Bryant/123.htm (373 words)

	DRI-WEFA's Macroeconomic Models - ICCF
		Econometric models built in the 1950s and 1960s were largely Keynesian income-expenditure systems that assumed a closed domestic economy.
		High computation costs during estimation and manipulation, along with the underdeveloped state of macroeconomic theory, limited the size of the models and the richness of the linkages of spending to financial conditions, inflation, and international developments.
		In addition, the DRI-WEFA Model embodies the major properties of the long-term growth models presented by James Tobin, Robert Solow, Edmund Phelps, and others.
	www.iccfglobal.org /research/other/DRI-WEFA-Macro.html (158 words)

	FIU: Department of Economics
		The first line is the development of theoretical macroeconomic models that shed some light on the relationship between firm-level RandD and aggregate economic growth.
		These two lines of research are mutually supporting: the macroeconomic models inform the questions I want to address with microeconomic data; the microeconometric studies suggest new directions for macroeconomic research efforts.
		One challenge has been that diverse macroeconomic models, with distinct implications for policy and for the sort of world we may expect in the future, look very similar when viewed through the coarse lens of modern macroeconomic data.
	www.fiu.edu /orgs/economics/profiles/thompson.html (366 words)

	Applied Macroeconomic Models for Developing Countries
		Applied macroeconomic models are an essential tool for evaluating countries' policy options and growth prospects under different scenarios.
		The first is to put the Bank models in a broader perspective by comparing them with applied macroeconomic frameworks for developing countries used by other international institutions and the policymaking community.
		The research is completing the application of prototype versions of Bank models to the analysis of macroeconomic policies in specific developing countries, comparing the outcomes of policy experiments, and relating them to the structure and features of the analytical frameworks.
	worldbank.org /html/dec/Publications/Abstracts97/05macro/macro13.html (579 words)

	Macroeconomic Models
		As in Model 0 the analysis indicates that Y is a linear function of (I+G+X); i.e.,
		The reason for this is the exchange rate variable E. Although exports and imports both depend upon E, the net exports X-M can be determined without knowing E. The exchange rate E can be determined but its solution is complicated and hence the solutions for X and M are also complicated.
		Although it is not necessary to determine the equilibrium levels of X and M separately or the exchange rate E their values are determined by the model.
	www2.sjsu.edu /faculty/watkins/models.htm (1048 words)

	EconPapers: A Comparison of Twelve Macroeconomic Models of the Canadian Economy
		Although most models are based on the conventional paradigm, there are nevertheless important differences within that paradigm.
		In particular, there are differences in the inflation process (linear/non-linear Phillips curve), the expectation processes (backward-looking and/or model-consistent expectations), the channels through which monetary policy affects the economy (short-term interest rates or the yield curve), and the sensitivity of output and inflation to changes in interest rates and the exchange rate.
		A comparison of the models' impulse-response functions with those of a vector autoregression suggests that some models do better than others in reflecting the typical response of the Canadian economy to certain shocks.
	econpapers.repec.org /paper/bcabocatr/94.htm (422 words)

	SSRN-Labor Market Representation in Quantitative Macroeconomic Models for Developing Countries: An Application to Côte ...
		This paper presents a quantitative macroeconomic model that accounts for key features of the labor market in developing countries.
		Primarily inspired by Côte d`Ivoire, the model contrasts a formal urban sector, where wages are rigidly fixed and employment is submitted to firms profit-seeking behavior, to urban and rural informal sectors, where wages are flexible and employment is affected by fluctuations in formal sector employment.
		Dynamic simulations assess the impact on key macroeconomic variables of a terms of trade improvement, a public wage decrease, and an exchange rate adjustment, highlighting the roles of rural-urban migrations and capital accumulation in the informal urban sector.
	papers.ssrn.com /sol3/papers.cfm?abstract_id=883234 (288 words)

	Incorporating Demographic Change in Multi-Country Macroeconomic Models: Some Preliminary Results (Site not responding. Last check: 2007-11-07)
		Changes in birth and mortality rates are combined with an approximation of age-earning profiles to allow demographic shifts to influence human wealth, consumption, and asset accumulation.
		The stylized shock on which we initially focus is an unanticipated and transitory demographic bulge, analogous to the "baby boom" experienced by some industrial nations several decades ago.
		One set of simulation results describes the effects when the demographic bulge occurs simultaneously in both of the two model regions.
	www.brookings.edu /views/papers/bryant/20030409.htm (461 words)

	EconPapers: Macroeconomic Models and the Yield Curve: An assessment of the Fit
		Macroeconomic Models and the Yield Curve: An assessment of the Fit
		We back out from observations on the yield curve the underlying macroeconomic model that most closely matches the level, slope and curvature of the yield curve.
		With each model we trace the response of the yield curve to macroeconomic shocks.
	econpapers.repec.org /paper/camcamdae/0640.htm (265 words)

	SSRN-Implications of State-dependent Pricing for Dynamic Macroeconomic Models by Michael Dotsey, Robert King
		Using quantitative general equilibrium models that incorporate a "generalized (S,s) approach," the authors investigate the implications of SDP for topics in two major areas of macroeconomic research: the early 1990s SDP literature and more recent work on persistence mechanisms.
		First, they show that state-dependent pricing leads to unusual macroeconomic dynamics, which occur because of the timing of price adjustments chosen by firms as in the earlier literature.
		Second, the authors examine whether the persistence-enhancing effects of two New Keynesian model features, namely, specific factor markets and variable elasticity demand curves, depend importantly on whether pricing is state dependent.
	papers.ssrn.com /sol3/papers.cfm?abstract_id=707025 (381 words)

	Understanding Macroeconomic Models: Structural Sensitivity Analysis of a Medium-Sized Model (via CobWeb/3.1 ... (Site not responding. Last check: 2007-11-07)
		This technique is applied to the RWI-business cycle model, a medium sized (41 stochastic equations, 86 definitions), quarterly macroeconometric model for the FRG.
		The evaluation of the results concentrates on (1) the sensitivity of the model to parameter perturbations in general, and to (2) the sensitivity of policy goal variables in particular.
		The findings show that in the model the number of important within-block and between-block relationships is much smaller than suggested by usual incidence matrices, providing additional evidence for H. Simon's (1981) "empty world hypothesis." Citation Copyright 1992 by Kluwer Academic Publishers.
	ideas.repec.org.cob-web.org:8888 /a/kap/csecmg/v5y1992i3p247-70.html (248 words)

	A Review of 'Jumps' in Macroeconomic Models: With Special Reference to the Case when Eigenvalues are Complex-Valued ... (Site not responding. Last check: 2007-11-07)
		The dynamic properties of macroeconomic models are typically characterised by having a combination of stable and unstable eigenvalues.
		In a seminal paper, Blanchard and Kahn showed that, for linear models, in order to ensure a unique solution, the number of discontinuous or “jump” variables must equal the number of unstable eigenvalues in the economy.
		We show that the crucial reason why the results continue to hold for complex-valued eigenvalues is because, in order to ensure that the solutions for the endogenous variables are real-valued and thus have an economic interpretation, the coefficients associated with each complex conjugate pair of eigenvalues must also come in complex conjugate pairs.
	ideas.repec.org.cob-web.org:8888 /p/mlb/wpaper/920.html (484 words)

	EC2014 Macroeconomic Models (via CobWeb/3.1 planetlab2.cs.unc.edu) (Site not responding. Last check: 2007-11-07)
		The principal graduate attribute focused on in the module is A2.
		The coursework will be designed to encourage the student to think independently and to apply knowledge gained in various parts of the module.
		The examination will be designed to test the students' knowledge base, their analytical skills and their ability to apply theoretical models to the analysis of the macroeconomy.
	intranet.londonmet.ac.uk.cob-web.org:8888 /prog-plan/module-catalogue/2/ec/ec2014.cfm (698 words)

	Bertola, G., Foellmi, R., Zweimüller, J.: Income Distribution in Macroeconomic Models.
		The book follows a single analytical thread through a series of different growth models, allowing readers to appreciate their structure and crucial assumptions.
		This is particularly useful at a time when the literature on income distribution and growth has developed quickly and in several different directions, becoming difficult to overview.
		Recent advances in macroeconomics of heterogeneous agents have finally made it possible to investigate this question in a systematic manner.
	press.princeton.edu /titles/8058.html (467 words)

	Rival Macroeconomic Models And Australian Stylised Facts
		This paper reports the stylised facts resulting from the tests of rival macroeconomic models in explaining the Australian business cycle during the sample period 1966(3)-1995(3).
		The time-series data used for modelling the rival paradigms were processed using unit root and cointegration econometrics to guard against possible spurious regression inferences due to nonstationarity in the data.
		Parsimonious data congruent models for testing the rival paradigms were derived by the application of the general-to-specific methodology.
	ideas.repec.org /p/qld/uq2004/261.html (781 words)

	New England Economic Review: The Performance of Traditional Macroeconomic Models of Businesses’ Investment ...
		This article analyzes the performance of conventional models of investment spending by comparing their abilities to describe this spending from 1960 to 1990 as well as their abilities to forecast spending during the 1990s.
		The authors find that recent shifts in the composition of the stock of capital goods and in the relative prices of capital goods have undermined the performance of these models of aggregate spending.
		The authors suggest that errors of the models, the changing composition of capital, and new methods of measuring the stocks of capital warrant considering more disaggregated descriptions of investment spending.
	www.bos.frb.org /economic/neer/neer2001/neer201a.htm (271 words)

	2665 - Applied Macroeconomic Models
		Examples of rational expectation models and multinational models
		Therefor all comparisons of Macroeconomic models will be done on Fridays, 30 minutes
		Compare two or more models and relate the models to current macro economic theory.
	www.econ.au.dk /fag/2665/e04/default.htm (256 words)

	A Comparison of Twelve Macroeconomic Models of the Canadian Economy
		In this report, the authors examine and compare twelve private and public sector models of the Canadian economy with respect to their paradigm, structure, and dynamic properties.
		"A comparison of twelve macroeconomic models of the Canadian economy," Journal of Policy Modeling, Elsevier, vol.
		"The performance and robustness of simple monetary policy rules in models of the Canadian economy," Canadian Journal of Economics, Canadian Economics Association, vol.
	ideas.repec.org /p/bca/bocatr/94.html (809 words)

	FRBSF Economic Research Conference - Macroeconomic Models for Monetary Policy (via CobWeb/3.1 planetlab2.cs.unc.edu) (Site not responding. Last check: 2007-11-07)
		FRBSF Economic Research Conference - Macroeconomic Models for Monetary Policy (via CobWeb/3.1 planetlab2.cs.unc.edu)
		Monetary Policy in an Estimated Stochastic Dynamic General Equilibrium Model of the Euro Area (PDF - 447KB)
		What is a good macroeconomic model for a central bank to use?
	www.frbsf.org.cob-web.org:8888 /economics/conferences/0203 (194 words)

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