By: Anthony Garratt, Kevin Lee, M. Hashem Pesaran, Yongcheol Shin

Paperback

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This book provides a comprehensive description of the state-of-the-art in modelling global and national economies. It introduces the long-run structural approach to modelling that can be readily adopted for use in understanding how economies work, and in generating forecasts for decision- and policy-makers. The book contains a thorough description of recent developments in macroeconomics and econometrics, which should be of interest to advanced students and researchers, but is also written to be accessible and helpful to practitioners in government and the private sector. The long-run structural approach is illustrated with various global and national examples, including a step-by-step description of the development and use of a model of the UK economy. Throughout, the book emphasises the use of macroeconometric modelling in the real world and is written in a way that ensures the techniques illustrated can be replicated or applied in new contexts. The transparency and pragmatism of the modelling approach used within this book will be attractive to practitioners who need manageable and interpretable models to answer specific questions.

1: Introduction 2: Macroeconometric Modelling: Alternative Approaches 3: National and Global Structural Macroeconometric Modelling 4: An Economic Theory of the Long Run 5: An Economic Theory of the Short Run 6: Econometric Methods: A Review 7: Probability Forecasting: Concepts and Analysis 8: The UK Macroeconomy 9: A Long-Run Structural Model of the UK 10: Impulse Response and Trend/ Cycle Properties of the UK Model 11: Probability Event Forecasting with the UK Model 12: Global Modelling and Other Applications 13: Concluding Remarks Appendix A: Derivation of the Interest Rate Rule Appendix B: Invariance Properties of the Impulse Responses with respect to Monetary Policy Shocks Appendix C: Data for the UK Model Appendix D: Gauss Programs and Result Files

ISBN: 9780199650460
ISBN-10: 0199650462
Audience: Tertiary; University or College
Format: Paperback
Language: English
Number Of Pages: 400
Published: 4th May 2012
Dimensions (cm): 23.4 x 15.5  x 2.09
Weight (kg): 0.621