Long-Run Properties of Large-Scale Macroeconometric Models

We consider alternative approaches to the evaluation of the long-run properties of dynamic nonlinear macroeconometric models, namely dynamic simulation over an extended database, or the construction and direct solution of the steady-state version of the model. An application to a small model of the UK economy is presented. The model is found to be unstable, but a stable form can be produced by simple alterations to the structure.

MoreLess

Year of publication:	1987
Authors:	WALLIS-, Kenneth F. ; WHITLEY, John D.
Published in:	Annales d'Economie et de Statistique. - École Nationale de la Statistique et de l'Admnistration Économique (ENSAE). - 1987, 6-7, p. 207-224
Publisher:	École Nationale de la Statistique et de l'Admnistration Économique (ENSAE)

More details

Extent:	application/pdf
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005078851