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Introducing Exchange-Rate Equations Into a World Econometric Model

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  • Wren-Lewis, Simon

Abstract

In this Review the Institute's world economic forecasts are for the first time produced with the aid of a large quarterly econometric model. The general features of this model are described in an Appendix to the World Economy chapter in this Review. The model is based on the WEP (World Economic Prospects) model which has been operated and developed by economists in HM Treasury for more than a decade. However, exchange rates in WEP are exogenous, and this article discusses the estimation of an exchange-rate system for the model, and its implications in terms of overall model properties.

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  • Wren-Lewis, Simon, 1987. "Introducing Exchange-Rate Equations Into a World Econometric Model," National Institute Economic Review, National Institute of Economic and Social Research, vol. 119, pages 57-67, February.
    • Handle: RePEc:cup:nierev:v:119:y:1987:i::p:57-67_5
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