Large-Scale Econometric Models of National Economies

Macroeconometric models are in continuous use in macroeconomic forecasting and policy analysis, and are continuously developing. The first part of this paper focuses on some current developments in both economic theoretic and econometric aspects, including supply-side modeling, the treatment of expectations, dynamic specification and testing, model comparisons, and glasnost. The second part is a comparative study of the properties of five Nordic models, highlighting key structural contributions to their supply-side responses. Differences in modeling approach, rather than differences in the underlying economies, explain most of the differences in overall model properties; these then form an agenda for future comparative research. Copyright 1991 by The editors of the Scandinavian Journal of Economics.

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