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Macroeconometric modelling for policy evaluation and design

Author: Willem H Buiter; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 1981.
Series: Technical Working Paper Series (National Bureau of Economic Research), no. t0013.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
The paper reviews recent developments in macroeconomic theory and their implications for econometric modelling and for policy design. The following issues are addressed. 1) The theoretical and practical problems of modelling sequence economies. 2) Problems of evaluating the role of money given the absence of reasonable microfoundations for monetary theory. 3) The implications of the view that macroeconomic models  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Willem H Buiter; National Bureau of Economic Research.
OCLC Number: 71823236
Notes: "June 1981."
Description: 1 online resource (25 pages).
Series Title: Technical Working Paper Series (National Bureau of Economic Research), no. t0013.
Responsibility: Willem H. Buiter.

Abstract:

The paper reviews recent developments in macroeconomic theory and their implications for econometric modelling and for policy design. The following issues are addressed. 1) The theoretical and practical problems of modelling sequence economies. 2) Problems of evaluating the role of money given the absence of reasonable microfoundations for monetary theory. 3) The implications of the view that macroeconomic models should be viewed as non-cooperative differential games. 4) Identification and estimation of the policy-invariant structure of rational expectations models. 5) Time inconsistency of optimal plans and 6) The welfare economics of stabilization policy and the need to pay much greater attention to market structure if a market failure-based justification for stabilization policy is to be developed.

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