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Macroeconometric Multicountry Models

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Macroeconometric Models

Part of the book series: Advanced Studies in Theoretical and Applied Econometrics ((ASTA,volume 47))

Abstract

Since 70s the spectrum of macroeconometric activities spread to cover the multicountry models mainly understood as the world models. The most prominent was the PROJECT LINK established in the late 60s and lead for many years by L.R. Klein in Philadelphia. It was based on individual country models linked trough commodity flows and more recently financial flows. It was systematically used in forecasting and policy simulations in the last years by the DIESA UN and University of Toronto.

Several international organizations, research institutes and individual researches followed to build the multicountry models. The structure of these models were unified, however. To be mentioned: half annual INTERLINK by OECD, annual BANK GEM by World Bank MULTIMOD and GEM, by IMF, QUEST by European Commission, FUGI being large global model by Soka University, annual MIMOSA by CEPII 8 OFCE, quarterly MCM and FRB/GLOBAL by FED, quarterly GEM and NIGEM by NIESR, OEF by Oxford Econ. Forec., annual PRIAMO by PROMETEIA and quarterly MC model by R.C. Fair.

All the above models are being used in forecasting the world economy and policy simulations including the impact of the world economy on domestic development.

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Notes

  1. 1.

    An interesting comparative analysis of the models’ properties in the first years of their development (until the early 1990s) has been presented by Whitley (1994).

  2. 2.

    A broad description of the numerous analyses based on the LINK model can be found in: Sawyer (1979), Klein (1982, 1999), Hickman (1991).

  3. 3.

    The abbreviated names of the cooperating institutions are: ERINA, International University of Japan (IUJ), University of Tsukuba, Foundation for Advancement for International Science (FAIS).

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  1. Institute of Econometrics, University of Łódź, Rewolucji 1905 r. 41, Łódź, 90-214, Poland

    Władysław Welfe

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Welfe, W. (2013). Macroeconometric Multicountry Models. In: Macroeconometric Models. Advanced Studies in Theoretical and Applied Econometrics, vol 47. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-34468-8_12

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