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Comparative Properties of Models of the UK Economy

Author

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  • Church, K.B.
  • Mitchell, P.R.
  • Smith, P.N.
  • Wallis, K.F.

Abstract

This article describes the current versions of six major macroeconometric models, and analyses their overall properties as revealed in standard simulation experiments. Particular attention is given to a policy issue of long-standing importance, namely the control of the size of the government budget deficit. Analysis of the impact on the government budget deficit of a range of policy instruments under a number of deficit-funding regimes shows that there is considerable disagreement between the models on the size and time-profile of these effects. Modelling of the exchange rate remains a key issue in assessing differences in model behaviour.

Suggested Citation

  • Church, K.B. & Mitchell, P.R. & Smith, P.N. & Wallis, K.F., 1993. "Comparative Properties of Models of the UK Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 145, pages 87-107, August.
    • Handle: RePEc:cup:nierev:v:145:y:1993:i::p:87-107_8
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