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Otto Eckstein (1927–1984)

In: The Palgrave Companion to Harvard Economics

Author

Listed:
  • Jim Thomas

    (Emeritus Reader in Economics, London School of Economics and Political Science)

Abstract

Otto Eckstein was a pioneer in building large macroeconomic models of the US. He collected vast quantities of data which allowed him to construct a model containing over 800 equations. This model was made available via desktop computers to commercial enterprises to forecast sales and business conditions. Eckstein also used the model to test economic theories and found that the long lag before consumers adjusted to changing price expectations cast doubt on the theory of rational expectations.

Suggested Citation

  • Jim Thomas, 2024. "Otto Eckstein (1927–1984)," Springer Books, in: Robert A. Cord (ed.), The Palgrave Companion to Harvard Economics, chapter 23, pages 555-571, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-52053-2_23
    DOI: 10.1007/978-3-031-52053-2_23
    as

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