An empirical approach to constructing macroeconomic models.Macroeconomic Modeling presents an empirically based approach to the construction of macroeconomic modelsthe Cowles Commission approachas a response to the backlash that has taken place since the late 1970s to this methodologyThe emphasis in the literature has been on tightly specified theoretical models, which lack realism. In this book, Ray C. Fair develops models to analyze a variety of issues and events in macroeconomics and the US economy, and he explains the econometric techniques needed to estimate those models.
Many of the results are either contrary to results from the theoretical models or cannot be examined by the theoretical models because they omit many important features of the economy.
Fair covers a broad range of topics, including inflation and unemployment, the size of wealth effects, the behavior of the Federal Reserve and its effects on the economy, the effects of fiscal policy, Okuns law, and contractions and expansions
Macroeconomic Modeling will appeal equally to graduate students and researchers as well as macroeconomic policy makers.
| Format |
Häftad |
| Omfång |
286 sidor |
| Språk |
Engelska |
| Förlag |
MIT Press Ltd |
| Utgivningsdatum |
2025-01-21 |
| ISBN |
9780262549844 |
