Macro Simulations for PCs in the Classroom
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There has always been a large difference between macroeconomics in the classroom and macroeconomics as it is used in practice. Macroeconomics of the classroom is basically theoretical, and it is taught almost exclusively in a simple comparative statics framework. Practicing macroeconomists, on the other hand, work with time-series data, sophisticated statistical techniques, and large-scale macroeconometric models. The PC revolution has now made it possible to bring macroeconometric models into the classroom. The model in Fair (1984), which consists of 128 equations, has been programmed to run on a PC; this paper will discuss its potential for use as a teaching tool at the elementary and advanced levels. The experience so far has been quite encouraging.