Macroeconomic Modelling in a Changing World: Towards a Common Approach (Financial Economics and Quantitative Analysis Series)

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9780471957911: Macroeconomic Modelling in a Changing World: Towards a Common Approach (Financial Economics and Quantitative Analysis Series)
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Macroeconomic Modelling in a Changing World Towards a Common Approach Edited by Chris Allen and Stephen Hall Practical economic model building has changed enormously over the last twenty years. Econometrics has become much more sophisticated with the introduction of cointegration and non-stationary time series analysis. The use of economic theory in the form of complex non-linear cross equation restrictions is now much more widespread and the explicit modelling of expectations and credibility effects is more satisfactory. This has meant that the old style macroeconomic models which were complex by virtue of their size alone have been replaced by a generation of new models which embody complex theory and estimation to provide more superior forecasting and policy tools. Macroeconomic Modelling in a Changing World outlines the modelling approach which has been adopted at the Centre for Economic Forecasting at the London Business School, one of the world’s leading research institutes into macroeconomic modelling, in building its own models. Using explicit examples and illustrations, the authors examine the latest state-of-the-art models, and answer questions such as:

  • How are modern econometrics used by model builders?
  • How should we deal with structural change?
  • How should expectations be modelled?
  • How are models used in practice?
Economics

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From the Publisher:

Delivers an up-to-date account of recent developments in the construction and use of large scale macroeconomic models. The text focuses on the creation of a new model developed at one of the world's leading research centers in macroeconomic modelling. Surveys the theoretical literature on supply side modelling and the range of production functions which have been traditionally applied. Discusses the learning approach to expectations formation and analyzes the stability of various expectation rules.

About the Author:

Chris Allen is at Sussex University and the London Business School. Stephen Hall is Professor of Macroeconomics at the Management School Imperial College and a visiting Professor at the London Business School. He was formerly Director of Research at the Centre for Economic Forecasting, London Business School and Economic Advisor at the Bank of England. He is author of Applied Economic Forecasting Techniques and co-author of Applied Econometric Techniques.

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Allen C & Hall S (Eds)
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Book Description John Wiley & Sons, Chichester, 1997. Hardcover. Condition: VG+. 307 pages in very good condition. With figures and tables. Small ink notation on the ffep. Blue, illustrated hardcovers with white titles. Corners a little bumped. VG+. Seller Inventory # 217132

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