A New Comparative Approach To Macroeconomic Modeling And Policy Analysis

Author : Anonim
Publisher : Unknown
Page : 0 pages
File Size : 49,7 Mb
Release : 2012
Category : Electronic
ISBN : OCLC:784394025

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A New Comparative Approach to Macroeconomic Modeling and Policy Analysis by Anonim Pdf

In the aftermath of the global financial crisis, the state of macroeconomic modeling and the use of macroeconomic models in policy analysis has come under heavy criticism. Macroeconomists in academia and policy institutions have been blamed for relying too much on a particular class of macroeconomic models. This paper proposes a comparative approach to macroeconomic policy analysis that is open to competing modeling paradigms. Macroeconomic model comparison projects have helped produce some very influential insights such as the Taylor rule. However, they have been infrequent and costly, because they require the input of many teams of researchers and multiple meetings to obtain a limited set of comparative findings. This paper provides a new approach that enables individual researchers to conduct model comparisons easily, frequently, at low cost and on a large scale. Using this approach a model archive is built that includes many well-known empirically estimated models that may be used for quantitative analysis of monetary and fiscal stabilization policies. A computational platform is created that allows straightforward comparisons of models' implications. Its application is illustrated by comparing different monetary and fiscal policies across selected models. Researchers can easily include new models in the data base and compare the effects of novel extensions to established benchmarks thereby fostering a comparative instead of insular approach to model development.

Author : Volker Wieland,Elena Afanasyeva,Meguy Kuete,Jinhyuk Yoo
Publisher : Unknown
Page : 0 pages
File Size : 49,5 Mb
Release : 2016
Category : Economic policy
ISBN : OCLC:959393777

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New Methods for Macro-financial Model Comparison and Policy Analysis by Volker Wieland,Elena Afanasyeva,Meguy Kuete,Jinhyuk Yoo Pdf

The global financial crisis and the ensuing criticism of macroeconomics have inspired researchers to explore new modeling approaches. There are many new models that deliver improved estimates of the transmission of macroeconomic policies and aim to better integrate the financial sector in business cycle analysis. Policy making institutions need to compare available models of policy transmission and evaluate the impact and interaction of policy instruments in order to design effective policy strategies. This paper reviews the literature on model comparison and presents a new approach for comparative analysis. Its computational implementation enables individual researchers to conduct systematic model comparisons and policy evaluations easily and at low cost. This approach also contributes to improving reproducibility of computational research in macroeconomic modeling. Several applications serve to illustrate the usefulness of model comparison and the new tools in the area of monetary and fiscal policy. They include an analysis of the impact of parameter shifts on the effects of fiscal policy, a comparison of monetary policy transmission across model generations and a cross-country comparison of the impact of changes in central bank rates in the United States and the euro area. Furthermore, the chapter includes a large-scale comparison of the dynamics and policy implications of different macro-financial models. The models considered account for financial accelerator effects in investment financing, credit and house price booms and a role for bank capital. A final exercise illustrates how these models can be used to assess the benefits of leaning against credit growth in monetary policy.

Author : Mohammed F Khayum
Publisher : Routledge
Page : 215 pages
File Size : 49,8 Mb
Release : 2019-03-07
Category : Social Science
ISBN : 9780429694721

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Macroeconomic Modeling And Policy Analysis For Less Developed Countries by Mohammed F Khayum Pdf

This book provides an overview of macroeconometric modeling for less developed countries, a description of the structure and performance of Guyana's economy, an empirical testing of the model using annual data for Guyana, and a simulation approach to policy evaluation.

Author : William Scarth
Publisher : Edward Elgar Publishing
Page : 336 pages
File Size : 54,9 Mb
Release : 2014-01-31
Category : Electronic books
ISBN : 9781781953891

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Macroeconomics by William Scarth Pdf

øThis important textbook offers a comprehensive look into the two main traditions in contemporary macroeconomics _ New Classical and Keynesian _ and examines the work of economists who have drawn on principles from both traditions to form a new, integr

Author : Masanao Aoki
Publisher : Cambridge University Press
Page : 312 pages
File Size : 40,7 Mb
Release : 1998-02-13
Category : Business & Economics
ISBN : 0521637694

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New Approaches to Macroeconomic Modeling by Masanao Aoki Pdf

This book provides a method for modeling large collections of heterogeneous agents subject to non-pairwise externality called field effects.

Author : Roman Frydman,Edmund S. Phelps
Publisher : Princeton University Press
Page : 440 pages
File Size : 46,5 Mb
Release : 2013
Category : Business & Economics
ISBN : 9780691155234

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Rethinking Expectations by Roman Frydman,Edmund S. Phelps Pdf

This book originated from a 2010 conference marking the fortieth anniversary of the publication of the landmark "Phelps volume," Microeconomic Foundations of Employment and Inflation Theory, a book that is often credited with pioneering the currently dominant approach to macroeconomic analysis. However, in their provocative introductory essay, Roman Frydman and Edmund Phelps argue that the vast majority of macroeconomic and finance models developed over the last four decades derailed, rather than built on, the Phelps volume's "microfoundations" approach. Whereas the contributors to the 1970 volume recognized the fundamental importance of according market participants' expectations an autonomous role, contemporary models rely on the rational expectations hypothesis (REH), which rules out such a role by design. The financial crisis that began in 2007, preceded by a spectacular boom and bust in asset prices that REH models implied could never happen, has spurred a quest for fresh approaches to macroeconomic analysis. While the alternatives to REH presented in Rethinking Expectations differ from the approach taken in the original Phelps volume, they are notable for returning to its major theme: understanding aggregate outcomes requires according expectations an autonomous role. In the introductory essay, Frydman and Phelps interpret the various efforts to reconstruct the field--some of which promise to chart its direction for decades to come. The contributors include Philippe Aghion, Sheila Dow, George W. Evans, Roger E. A. Farmer, Roman Frydman, Michael D. Goldberg, Roger Guesnerie, Seppo Honkapohja, Katarina Juselius, Enisse Kharroubi, Blake LeBaron, Edmund S. Phelps, John B. Taylor, Michael Woodford, and Gylfi Zoega.

Author : Christopher Allen,Chris Allen,Stephen Hall
Publisher : Unknown
Page : 362 pages
File Size : 50,6 Mb
Release : 1997-02-12
Category : Business & Economics
ISBN : UOM:39015040648134

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Macroeconomic Modelling in a Changing World by Christopher Allen,Chris Allen,Stephen Hall Pdf

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

Author : Rafael Yanushevsky,Camilla Yanushevsky
Publisher : Academic Press
Page : 230 pages
File Size : 41,7 Mb
Release : 2018-06-29
Category : Business & Economics
ISBN : 9780128156339

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Applied Macroeconomics for Public Policy by Rafael Yanushevsky,Camilla Yanushevsky Pdf

Applied Macroeconomics for Public Policy applies system and control theory approaches to macroeconomic problems. The book shows how to build simple and efficient macroeconomic models for policy analysis. By using these models, instead of complex multi-criteria models with uncertain parameters, readers will gain new certainty in macroeconomic decision-making. As high debt to GDP ratios cause problems in societies, this book provides insights on improving economies during and after economic downturns. Provides a detailed analysis of existing macroeconomic models Addresses the dynamics of debt to GDP ratio and the effects of fiscal and monetary policy on this ratio Shows how to use models to evaluate the dynamics of the debt to GDP ratio in cases of government spending and tax cuts and to decide whether such economic measures are efficient Uses optimal theory to obtain optimal yearly debt levels to reach the established goals (decrease debt or balance budget) Provides many examples and software exercises to promote learning by doing

Author : Emiliano Brancaccio,Andrea Califano
Publisher : Edward Elgar Publishing
Page : 128 pages
File Size : 41,5 Mb
Release : 2018-07-27
Category : Business & Economics
ISBN : 9781788119009

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Anti-Blanchard Macroeconomics by Emiliano Brancaccio,Andrea Califano Pdf

Olivier Blanchard, former chief economist of the International Monetary Fund (IMF), is author of one of the most important standard macroeconomics textbooks which is used throughout the world. Endorsed by Blanchard himself, Anti-Blanchard Macroeconomics critically analyses prevailing economic theory and policy in comparison with alternative approaches. This textbook is designed to stand alongside Blanchard’s text, or indeed any other standard book on macroeconomics, but it can also be read independently. It provides undergraduate and advanced students with a critical view of the subject, and is also appropriate for scholars interested in a new way of analysing the debate between alternative schools of economic thought.

Author : Ric D. Herbert
Publisher : Springer Science & Business Media
Page : 329 pages
File Size : 42,7 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461555834

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Observers and Macroeconomic Systems by Ric D. Herbert Pdf

Observers and Macroeconomic Systems is concerned with the computational aspects of using a control-theoretic approach to the analysis of dynamic macroeconomic systems. The focus is on using a separate model for the development of the control policies. In particular, it uses the observer-based approach whereby the separate model learns to behave in a similar manner to the economic system through output-injections. The book shows how this approach can be used to learn the forward-looking behaviour of economic actors which is a distinguishing feature of dynamic macroeconomic models. It also shows how it can be used in conjunction with low-order models to undertake policy analysis with a large practical econometric model. This overcomes some of the computational problems arising from using just the large econometric models to compute optimal policy trajectories. The work also develops visual simulation software tools that can be used for policy analysis with dynamic macroeconomic systems.

Author : Andrew J. Hughes Hallett,Peter McAdam
Publisher : Springer Science & Business Media
Page : 295 pages
File Size : 43,5 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461552192

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Analyses in Macroeconomic Modelling by Andrew J. Hughes Hallett,Peter McAdam Pdf

Macroeconomic Modelling has undergone radical changes in the last few years. There has been considerable innovation in developing robust solution techniques for the new breed of increasingly complex models. Similarly there has been a growing consensus on their long run and dynamic properties, as well as much development on existing themes such as modelling expectations and policy rules. This edited volume focuses on those areas which have undergone the most significant and imaginative developments and brings together the very best of modelling practice. We include specific sections on (I) Solving Large Macroeconomic Models, (II) Rational Expectations and Learning Approaches, (III) Macro Dynamics, and (IV) Long Run and Closures. All of the contributions offer new research whilst putting their developments firmly in context and as such will influence much future research in the area. It will be an invaluable text for those in policy institutions as well as academics and advanced students in the fields of economics, mathematics, business and government. Our contributors include those working in central banks, the IMF, European Commission and established academics.

Author : Laurence H. Meyer
Publisher : Unknown
Page : 620 pages
File Size : 41,8 Mb
Release : 1980
Category : Business & Economics
ISBN : UOM:49015002547769

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Macroeconomics, a Model Building Approach by Laurence H. Meyer Pdf

Author : Anonim
Publisher : Unknown
Page : 104 pages
File Size : 45,5 Mb
Release : 1981
Category : Business & Economics
ISBN : UVA:X001334332

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The Usefulness of Macroeconomic Models by Anonim Pdf

Author : Oscar Bajo Rubio
Publisher : Unknown
Page : 190 pages
File Size : 50,8 Mb
Release : 2003
Category : Business & Economics
ISBN : UVA:X004742912

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Macroeconomic Policy in an Open Economy by Oscar Bajo Rubio Pdf

Although it is the chief tool for international policy analysis in an international context, the Mundell-Fleming model has come under some scrutiny as being obsolete and weak in microeconomics. The model is used to study monetary and fiscal policy of various exchange rate systems. New Open Economy Macroeconomics attempts to insert market imperfections and microfoundations into its framework, as an alternative to Mundell-Fleming. However, this new structure has raised its own doubts about its viability as an alternative to Mundell-Fleming. The empirical tests of New Open Macroeconomic models do not result in predictions that fit with available evidence. This testing, though, is still in its early stages and the new models continue to hold some promise. This book assembles a series of papers that take differing points of view in theoretical analyses of macroeconomic policies in open economies. These observations provide a solid framework for study, examine applications in two-country models and try and unite Mundell-Fleming with New Open Macroeconomics. With economics a constant in the forefront of the news, the studies here offer a glimpse at the cutting edge of fiscal researc

Author : Philippe D Karam,Douglas Laxton,Andrew Berg
Publisher : INTERNATIONAL MONETARY FUND
Page : 45 pages
File Size : 49,5 Mb
Release : 2006-03-01
Category : Electronic
ISBN : 1451863403

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A Practical Model-Based Approach to Monetary Policy Analysis--Overview by Philippe D Karam,Douglas Laxton,Andrew Berg Pdf

This paper motivates and describes an approach to forecasting and monetary policy analysis based on the use of a simple structural macroeconomic model, along the lines of those in use in a number of central banks. It contrasts this approach with financial programming and its emphasis on monetary aggregates, as well as with more econometrically driven analyses. It presents illustrative results from an application to Canada. A companion paper provides a more detailed how-to guide and introduces a set of tools designed to facilitate this approach.