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This paper provides a look into what Lucas meant by the term ‘analogue systems’ and how he conceived making them useful. It is argued that any model with remarkable predictive success can be regarded as an analogue system, the term is thus neutral in terms of usefulness. To be useful Lucas...
Persistent link: https://www.econbiz.de/10013312369
This paper provides a look into what Lucas meant by the term 'analogue systems' and how he conceived making them useful. It is argued that any model can be regarded as an analogue system provided it has remarkable predictive success. The term is thus neutral in terms of usefulness. To be useful,...
Persistent link: https://www.econbiz.de/10012207597