Global and National Macroeconometric Modelling: A Long-Run Structural Approach

Paperback | April 12, 2012

byAnthony Garratt, Kevin Lee, M. Hashem Pesaran

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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- andpolicy-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 waythat 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.

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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- andpolicy-makers. The book contains a thorough ...

Anthony Garratt previously worked at the London Business School (1989-1994), the Bank of England (1994-1996), and Trinity College and the Department of Applied Economics at the University of Cambridge (1996-2002). Prior to moving to Birkbeck he was Senior Lecturer at the University of Leicester. Kevin Lee studied economics and statist...
Format:PaperbackDimensions:400 pages, 9.21 × 6.14 × 0.68 inPublished:April 12, 2012Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199650462

ISBN - 13:9780199650460

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Table of Contents

1. Introduction2. Macroeconometric Modelling: Alternative Approaches3. National and Global Structural Macroeconometric Modelling4. An Economic Theory of the Long Run5. An Economic Theory of the Short Run6. Econometric Methods: A Review7. Probability Forecasting: Concepts and Analysis8. The UK Macroeconomy9. A Long-Run Structural Model of the UK10. Impulse Response and Trend/ Cycle Properties of the UK Model11. Probability Event Forecasting with the UK Model12. Global Modelling and Other Applications13. Concluding RemarksAppendix A: Derivation of the Interest Rate RuleAppendix B: Invariance Properties of the Impulse Responses with respect to Monetary Policy ShocksAppendix C: Data for the UK ModelAppendix D: Gauss Programs and Result Files