Skip to main content
SpringerLink
Log in
Book cover
  • Book
  • © 1997

Inside a Modern Macroeconometric Model

A Guide to the Murphy Model

Authors:

  1. Alan A. Powell

    1. Impact Research Centre, Monash University, Clayton, Australia

    View author publications

    You can also search for this author in PubMed   Google Scholar

  2. Christopher W. Murphy

    1. ECONTECH, Kingston Act., Australia

    View author publications

    You can also search for this author in PubMed   Google Scholar

  • Principles referred to in the text are illustrated by numerical examples
  • PC users can verify how various key ideas work in practice
  • Archetype, miniature and stylised models are used to explain principles at work in the larger MM model
  • Includes 85 tables, 72 figures and 42 exercises

Sections

Buy it now

eBook USD 129.00
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book USD 169.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book USD 169.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Other ways to access

This is a preview of subscription content, log in via an institution to check for access.

Table of contents (28 chapters)

  1. Front Matter

    Pages i-xviii
    PDF

  2. Setting the Scene

    1. How to Use this Book

      • Alan A. Powell, Christopher W. Murphy
      Pages 1-4

    2. Distinguishing Features of MM

      • Alan A. Powell, Christopher W. Murphy
      Pages 5-13

    3. Principal Mechanisms in MM

      • Alan A. Powell, Christopher W. Murphy
      Pages 15-78

  3. Structural Form of MM

    1. Overview of Part Two

      • Alan A. Powell, Christopher W. Murphy
      Pages 79-92

    2. Wage Behaviour

      • Alan A. Powell, Christopher W. Murphy
      Pages 93-107

    3. Labour Force Participation

      • Alan A. Powell, Christopher W. Murphy
      Pages 109-116

    4. Private Consumption Behaviour

      • Alan A. Powell, Christopher W. Murphy
      Pages 117-122

    5. Behaviour of the Rental Price of Housing

      • Alan A. Powell, Christopher W. Murphy
      Pages 123-133

    6. Production of Housing Rental Services and Investment in Dwellings

      • Alan A. Powell, Christopher W. Murphy
      Pages 135-148

    7. The Enterprise Production Block of the Business Sector

      • Alan A. Powell, Christopher W. Murphy
      Pages 149-174

    8. Business Fixed Investment

      • Alan A. Powell, Christopher W. Murphy
      Pages 175-184

    9. Business Sector Employment

      • Alan A. Powell, Christopher W. Murphy
      Pages 185-188

    10. Import Supply and Demand

      • Alan A. Powell, Christopher W. Murphy
      Pages 189-196

    11. Aggregate Export Supply

      • Alan A. Powell, Christopher W. Murphy
      Pages 197-198

    12. Disaggregation of Export Supply

      • Alan A. Powell, Christopher W. Murphy
      Pages 199-202

    13. Overseas Demand for ‘Commodity’ Exports

      • Alan A. Powell, Christopher W. Murphy
      Pages 203-205

    14. Inventory Investment in ‘Commodity’ Exports

      • Alan A. Powell, Christopher W. Murphy
      Pages 207-212

    15. Demand for Non-‘Commodity’ Exports

      • Alan A. Powell, Christopher W. Murphy
      Pages 213-214

    16. Domestic Good Inventory Investment

      • Alan A. Powell, Christopher W. Murphy
      Pages 215-218
Back to top

About this book

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.
Back to top

Keywords

Back to top

Authors and Affiliations

  • Impact Research Centre, Monash University, Clayton, Australia

    Alan A. Powell

  • ECONTECH, Kingston Act., Australia

    Christopher W. Murphy

Back to top

Bibliographic Information

  • Book Title: Inside a Modern Macroeconometric Model

  • Book Subtitle: A Guide to the Murphy Model

  • Authors: Alan A. Powell, Christopher W. Murphy

  • DOI: https://doi.org/10.1007/978-3-642-59069-6

  • Publisher: Springer Berlin, Heidelberg

  • eBook Packages: Springer Book Archive

  • Copyright Information: Springer-Verlag Berlin Heidelberg 1997

  • Hardcover ISBN: 978-3-540-63146-0Published: 19 August 1997

  • Softcover ISBN: 978-3-642-63836-7Published: 12 October 2012

  • eBook ISBN: 978-3-642-59069-6Published: 06 December 2012

  • Edition Number: 2

  • Number of Pages: XVIII, 455

  • Additional Information: Originally published as Volume 428 in the series: Lecture Notes Economics

  • Topics: Economic Theory/Quantitative Economics/Mathematical Methods

Back to top

Publish with us

Policies and ethics

Back to top
Access via your institution

Buy it now

eBook USD 129.00
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book USD 169.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book USD 169.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Other ways to access

Search

Navigation