Modelling the Supply Side of the Seven Major OECD Economies:

If a macroeconometric model is to be useful for policy analyses which go beyond short-term forecasting requirements, particular attention must be paid to the form and consistency of its various components with respect to longer-term equilibria. In particular, long-run properties and ultimate stabili...

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1. Verfasser: Turner, Dave (VerfasserIn)
Weitere Verfasser: Richardson, Pete (MitwirkendeR), Rauffet, Sylvie (MitwirkendeR)
Format: Elektronisch E-Book
Sprache:English
Veröffentlicht: Paris OECD Publishing 1996
Schriftenreihe:OECD Economics Department Working Papers
Schlagworte:
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Zusammenfassung:If a macroeconometric model is to be useful for policy analyses which go beyond short-term forecasting requirements, particular attention must be paid to the form and consistency of its various components with respect to longer-term equilibria. In particular, long-run properties and ultimate stability of such models with respect to output, employment and inflation depend crucially on the consistency and form of the supply-side specification. This paper presents recent work by the OECD contributing to its INTERLINK world model. It focuses on the specification and estimation of the supply-side aspects of the sub-models for the seven major OECD Member countries. It presents a general analytical framework for the specification of a consistent model of business sector behaviour within a dynamic form which meets both short-term forecasting and longer-term theoretical requirements. Comparative estimation results are reported for individual economies along with simulation results for a ...
Beschreibung:1 Online-Ressource (44 Seiten) 21 x 29.7cm
DOI:10.1787/067186103828

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