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Inside a Modern Macroeconometric Model

A Guide to the Murphy Model

  • Alan A. Powell
  • Christopher W. Murphy

Table of contents

  1. Front Matter
    Pages i-xviii
  2. Setting the Scene

    1. Alan A. Powell, Christopher W. Murphy
      Pages 1-4
    2. Alan A. Powell, Christopher W. Murphy
      Pages 5-13
    3. Alan A. Powell, Christopher W. Murphy
      Pages 15-78
  3. Structural Form of MM

    1. Alan A. Powell, Christopher W. Murphy
      Pages 79-92
    2. Alan A. Powell, Christopher W. Murphy
      Pages 93-107
    3. Alan A. Powell, Christopher W. Murphy
      Pages 109-116
    4. Alan A. Powell, Christopher W. Murphy
      Pages 117-122
    5. Alan A. Powell, Christopher W. Murphy
      Pages 123-133
    6. Alan A. Powell, Christopher W. Murphy
      Pages 135-148
    7. Alan A. Powell, Christopher W. Murphy
      Pages 149-174
    8. Alan A. Powell, Christopher W. Murphy
      Pages 175-184
    9. Alan A. Powell, Christopher W. Murphy
      Pages 185-188
    10. Alan A. Powell, Christopher W. Murphy
      Pages 189-196
    11. Alan A. Powell, Christopher W. Murphy
      Pages 197-198
    12. Alan A. Powell, Christopher W. Murphy
      Pages 199-202
    13. Alan A. Powell, Christopher W. Murphy
      Pages 203-205
    14. Alan A. Powell, Christopher W. Murphy
      Pages 207-212
    15. Alan A. Powell, Christopher W. Murphy
      Pages 213-214
    16. Alan A. Powell, Christopher W. Murphy
      Pages 215-218
    17. Alan A. Powell, Christopher W. Murphy
      Pages 219-222
    18. Alan A. Powell, Christopher W. Murphy
      Pages 223-226
    19. Alan A. Powell, Christopher W. Murphy
      Pages 227-240
    20. Alan A. Powell, Christopher W. Murphy
      Pages 241-258
    21. Alan A. Powell, Christopher W. Murphy
      Pages 259-264
  4. Simulations with MM

    1. Alan A. Powell, Christopher W. Murphy
      Pages 303-306
    2. Alan A. Powell, Christopher W. Murphy
      Pages 307-350
    3. Alan A. Powell, Christopher W. Murphy
      Pages 351-396
  5. New Horizons

    1. Alan A. Powell, Christopher W. Murphy
      Pages 403-430
  6. Back Matter
    Pages 431-455

About this book

Introduction

As Ken Wallis (1993) has pOinted out, all macroeconomic forecasters and policy analysts use economic models. That is, they have a way of going from assumptions about macroeconomic policy and the international environment, to a prediction of the likely future state of the economy. Some people do this in their heads. Increasingly though, forecasting and policy analysis is based on a formal, explicit model, represented by a set of mathematical equations and solved by computer. This provides a framework for handling, in a consistent and systematic manner, the ever-increasing amounts of relevant information. Macroeconometric modelling though, is an inexact science. A manageable model must focus only on the major driving forces in a complex economy made up of millions of households and fIrms. International economic agencies such as the IMF and OECD, and most treasuries and central banks in western countries, use macroeconometric models in their forecasting and policy analysis. Models are also used for teaching and research in universities, as well as for commercial forecasting in the private sector.

Keywords

Simulation econometrics economics employment financial markets forecasting linear optimization production simulations

Authors and affiliations

  • Alan A. Powell
    • 1
  • Christopher W. Murphy
    • 2
  1. 1.Impact Research CentreMonash UniversityClaytonAustralia
  2. 2.ECONTECHKingston Act.Australia

Bibliographic information

  • DOI https://doi.org/10.1007/978-3-642-59069-6
  • Copyright Information Springer-Verlag Berlin · Heidelberg 1997
  • Publisher Name Springer, Berlin, Heidelberg
  • eBook Packages Springer Book Archive
  • Print ISBN 978-3-642-63836-7
  • Online ISBN 978-3-642-59069-6
  • Buy this book on publisher's site