Testing Macroeconometric Models / Ray C. Fair.

Format:

Book

Author/Creator:

Fair, Ray C., author.

Language:

English

Subjects (All):

Econometric models.

United States--Economic conditions--1945- -- Econometric models.

Local Subjects:

Econometric models.

United States--Economic conditions--1945- -- Econometric models.

Physical Description:

1 online resource (438 p.)

Edition:

Reprint 2013

Place of Publication:

Cambridge, MA : Harvard University Press, [2014]

Language Note:

English

Summary:

In this book Ray Fair expounds powerful techniques for estimating and analyzing macroeconometric models. He takes advantage of the remarkable decrease in computational costs that has occurred since the early 1980s by implementing such sophisticated techniques as stochastic simulation. Testing Macroeconometric Models also incorporates the assumption of rational expectations in the estimation, solution, and testing of the models. And it presents the latest versions of Fair's models of the economies of the United States and other countries. After estimating and testing the U.S. model, Fair analyzes its properties, including those relevant to economic policymakers: the optimal monetary policy instrument, the effect of a government spending reduction on the government deficit, whether monetary policy is becoming less effective over time, and the sensitivity of policy effects to the assumption of rational expectations. Ray Fair has conducted research on structural macroeconometric models for more than twenty years. With interest increasing in the area, this book will be an essential reference for macroeconomists.

Contents:

Frontmatter

Contents

List of Tables

List of Figures

Preface

1 Introduction

2 Theory

3 The Data, Variables, and Equations

4 Estimating and Testing Single Equations

5 The Stochastic Equations of the US Model

6 The Stochastic Equations of the ROW Model

7 Estimating and Testing Complete Models

8 Estimating and Testing the US Model

9 Testing the MC Model

10 Analyzing Properties of Models

11 Analyzing Properties of the US Model

12 Analyzing Properties of the MC Model

13 Conclusion

Appendix A Tables for the US Model

Appendix Β Tables for the ROW Model

Bibliography

Index

Notes:

Bibliographic Level Mode of Issuance: Monograph

Description based on online resource; title from PDF title page (publisher's Web site, viewed 23. Mai 2019)

Description based on publisher supplied metadata and other sources.

ISBN:

0-674-33344-6

OCLC:

654928167