Comparative Performance of U.S. Econometric Models

Hardcover | April 30, 1999

EditorLawrence R. Klein

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This volume compares strategic properties of the leading macroeconometric models of the United States. It summarizes the work of an ongoing seminar supported by the National Science Foundation and chaired by Lawrence R. Klein of the University of Pennsylvania. The Seminar meets three timesannually. Comparisons are made across models for such characteristics as conventional multipliers (fiscal, monetary, and supply side shocks), J-curve response to dollar depreciation, and forecast performance under consistent assumptions. There are in-depth comparisons of some models andinvestigation of use of high frequency information to improve forecasts. There are also analyses of the sources of forecast error. The core structures of models, especially their ISLM cores, are compared. The volume contains one chapter on comparison across models of different developing countries. In addition to the contributions by participating model builders who meet regularly, the book contains critical appraisals by outsiders. The contributors include many distinguished economists in model use and analysis. Many are operators of the countries best known modelling facilities. Theintroduction was written by Lawrence R. Klein, winner of the Nobel Prize in Economic Science in 1980, for his work in construction and use of econometric models.

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This volume compares strategic properties of the leading macroeconometric models of the United States. It summarizes the work of an ongoing seminar supported by the National Science Foundation and chaired by Lawrence R. Klein of the University of Pennsylvania. The Seminar meets three timesannually. Comparisons are made across models fo...

Lawrence R. Klein is at University of Pennsylvania.
Format:HardcoverDimensions:336 pages, 9.57 × 6.5 × 1.22 inPublished:April 30, 1999Publisher:Oxford University Press

The following ISBNs are associated with this title:

ISBN - 10:0195057724

ISBN - 13:9780195057720

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"The chapters in this book enable econometricians and economists to appreciate the strengths and weaknesses of the current generation of large macro models and as such form an important volume that deserves to be widely read."--Journal of Economic Literature