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Long-Run Properties of Large-Scale Macroeconometric Models

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  • Kenneth F. Wallis
  • John D. Whitley

Abstract

We consider alternative approaches to the evaluation of the long-run properties of dynamic nonlinear macroeconometric models, namely dynamic simulation over an extended database, or the construction and direct solution of the steady-state version of the model. An application to a small model of the UK economy is presented. The model is found to be unstable, but a stable form can be produced by simple alterations to the structure.

Suggested Citation

  • Kenneth F. Wallis & John D. Whitley, 1987. "Long-Run Properties of Large-Scale Macroeconometric Models," Annals of Economics and Statistics, GENES, issue 6-7, pages 207-224.
    • Handle: RePEc:adr:anecst:y:1987:i:6-7:p:207-224
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    File URL: http://www.jstor.org/stable/20075654
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    Cited by:

    1. Balfoussia, Hiona & Brissimis, Sophocles & Delis, Manthos D, 2011. "The theoretical framework of monetary policy revisited," MPRA Paper 32236, University Library of Munich, Germany.
    2. Deleau Michel & Le Van Cuong & Malgrange Pierre, 1987. "Long terme des modèles macroéconométriques (le)," CEPREMAP Working Papers (Couverture Orange) 8729, CEPREMAP.
    3. Peter McAdam, 1998. "A Pedagogical Note on the Long Run of Macro Economic Models," Studies in Economics 9807, School of Economics, University of Kent.
    4. Simes, Richard M, 1988. "Macroeconometric Model Evaluation, with Special Reference to the NIF88 Model," Australian Economic Papers, Wiley Blackwell, vol. 27(0), pages 29-56, Supplemen.
    5. Murphy, C W, 1988. "An Overview of the Murphy Model," Australian Economic Papers, Wiley Blackwell, vol. 27(0), pages 175-199, Supplemen.

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