The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Klein, Lawrence R. (Born 1920)

  • Roberto S. Mariano
Reference work entry


Lawrence Robert Klein, pioneer in economic model building and in econometric forecasting and policy analysis in industry and government, was awarded the Nobel Memorial Prize in economic sciences in 1980. He has established the directions and accelerated the development of the theory, methodology and practice of econometric modelling since the 1940s. He has provided a training ground in applied econometrics for academicians and practitioners worldwide. Lawrence Klein continues to develop and apply econometric methodology for high-frequency forecasting, using weekly and daily information, and for analysing current world economic issues.


Aggregation Capacity utilization Clark, C. G. Cost-of-living indexes Cowles Commission Econometric forecasting Econometrics Estimation Expenditure side model Flow of funds Forecasting Growth models High-frequency forecasts Income side model Input–output analysis Keynes, J. M. Klein, L. R. Klein–Goldberger model Linear expenditure system Macroeconometric models Mathematics and economics Morishima, M. National Bureau of Economic Research Phillips curve Phillips, A. W. Principal components model Rational expectations Representative agent Sample survey method Samuelson, P. A. Simultaneous equations model Statistics and economics Theil, H. Tinbergen, J. Two-stage least squares estimator 

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Roberto S. Mariano
    • 1
  1. 1.