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Inside a Modern Macroeconometric Model: A Guide to the Murphy Model (Lecture Notes in Economics and Mathematical Systems)

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Inside a Modern Macroeconometric Model: A Guide to the Murphy Model (Lecture Notes in Economics and Mathematical Systems) [Paperback]

Alan A. Powell (Author), Christopher W. Murphy (Author), N. Conron (Assistant)

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Book Description

Publication Date: October 18, 1995 | ISBN-10: 3540600272 | ISBN-13: 978-3540600275 | Edition: 1

This book presents a detailed account of how a state-of-the-art macro model is built, and how it works. Throughout the emphasis is on providing the reader with a hands-on appreciation of the underlying economics, and its practical implementation. The model described, MM, is a leading example of the newer breed of macro models that: (a) have strong micro foundations; (b) incorporate rational expectations in financial markets; (c) converge over simulated time to an interpretable balanced growth path; and (d) draw on the strenghts of many different traditions in economics. This account will be particularly useful to practitioners of policy economics and forecasting, as well as to upper-level undergraduate and graduate students in economics and econometrics.

#outer_postBodyPS { display: none; } #psGradient { display: none; } #psPlaceHolder { display: none; } #psExpand { display: none; } This book presents a detailed account of how a state-of-the-art macro model is built, and how it works. Throughout the emphasis is on providing the reader with a hands-on appreciation of the underlying economics, and its practical implementation. The model described, MM, is a leading example of the newer breed of macro models that: (a) have strong micro foundations; (b) incorporate rational expectations in financial markets; (c) converge over simulated time to an interpretable balanced growth path; and (d) draw on the strenghts of many different traditions in economics. This account will be particularly useful to practitioners of policy economics and forecasting, as well as to upper-level undergraduate and graduate students in economics and econometrics.

Product Details

Paperback: 424 pages
Publisher: Springer; 1 edition (October 18, 1995)
Language: English
ISBN-10: 3540600272
ISBN-13: 978-3540600275
Product Dimensions: 9.5 x 6.2 x 1 inches
Shipping Weight: 1.3 pounds
Amazon Best Sellers Rank: #11,205,588 in Books (See Top 100 in Books)

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Key Phrases - Capitalized Phrases (CAPs): (learn more)
Current Original, Modem Macroeconometric Model, Reserve Bank, Description Equation, Microsoft Excel, New York, Long Run Interest Rate, Australian Treasury, Flexibility of the Australian, Variable Model Year, International Monetary Fund's International Financial Statistics, Japanese Yen, Private Consumption Behaviour, United States, West Germany

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Citations (learn more)

This book cites 16 books:

Macroeconomic Modelling of the Long Run by Colin P. Hargreaves in Back Matter (1), and Back Matter (2)
in Back Matter
General Equilibrium Models for Development Policy (World Bank Research Publication) by Kemal Dervis in Back Matter
Lectures on Macroeconomics by Olivier J. Blanchard in Back Matter
Applied General Equilibrium Analysis by Herbert E. Scarf in Back Matter

See all 16 books this book cites

3 books cite this book:

Integrated Macro-Micro-Modelling Under Rational Expectations: With an Application to Tariff Reform in Australia (Contributions to Economics) by Michael Malakellis in Back Matter
Australia Benefiting from Economic Reform by Anoop Singh on page 130
A Companion to Economic Forecasting (Blackwell Companions to Contemporary Economics) by Michael P. Clements on page 178

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