Continuous-time models in macroeconomics: specification and estimation

  • Clifford R. Wymer
Chapter
Part of the International Studies in Economic Modelling book series (ISIM)

Abstract

The econometric work of the International Monetary Research Programme has been directed towards the development and testing of macroeconomic theories, particularly of the monetary approach to the balance of payments, with the aim of evaluating the policy implications of these theories. The reasons for placing such emphasis on empirical work are twofold. Firstly, it is necessary to develop and test the theoretical propositions and alternative hypotheses about the balance of payments adjustment within a consistent framework and in an economy-wide model. Secondly, theory, particularly in the field of stock and price adjustment, mainly provides information about the impact and long-run effects of policy measures. Empirical work allows the mechanism of the adjustment of an economy to external influences to be analysed in more detail, helps to determine the medium-term effects of various policy measures on variables such as the rate of inflation, output, employment and the balance of payments and to determine the objectives of policy makers, and provides further information on the allocation of policy instruments to targets.

Keywords

Exchange Rate Exogenous Variable Discrete Model Full Information Maximum Likelihood Macroeconomic Model 
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  • Clifford R. Wymer

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