Inside a Modern Macroeconometric Model : A Guide to the Murphy Model

A Guide to the Murphy Model

By: Alan A. Powell, Christopher W. Murphy

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Hardcover | 1 May 2009 | Edition Number 2

At a Glance

Hardcover
480 Pages

Edition Type
Revised

Dimensions(cm)
23.5 x 15.5 x 3.18

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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.

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You Can Find This Book In

Non-Fiction Economics Macroeconomics Econometrics Mathematics Applied Mathematics Mathematical Modelling Economic Theory & Philosophy

Model-Builder's Preface
Model-Watcher's Preface
How to Use this Book
Distinguishing Features of MM
Principal Mechanisms in MM
Overview of Part Two
Wage Behaviour
Labour Force Participation
Private Consumption Behaviour
Behaviour of the Rental Price of Housing
Production of Housing Rental Services and Investment in Dwellings
The Enterprise Production Block of the Business Sector
Business Fixed Investment
Business Sector Employment
Import Supply and Demand
Aggregate Export Supply
Disaggregation of Export Supply
Overseas Demand for 'Commodity' Exports
Inventory Investment in 'Commodity' Exports
Demand for Non-'Commodity' Exports
Domestic Good Inventory Investment
Price Dynamics for the Domestic Good
Sales of the Domestic Good; Miscellaneous Identities for Investment and Capital
The Government Sector
Financial Markets
National-Accounting, Stock-Flow and Miscellaneous Identities
Introduction to the Simulations
Monetary Shocks
A Fiscal Shock
MM2 - A Fully Integrated Macro-CGE Model
References
Author and Personal Names Index
Subject Index
Tables
Figures
Exercises
Table of Contents provided by Blackwell. All Rights Reserved.

Inside a Modern Macroeconometric Model : A Guide to the Murphy Model

A Guide to the Murphy Model

At a Glance

Hardcover

Shipping

How to return your order

Defective items

You Can Find This Book In

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