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Some Important Macro Points

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Abstract

This paper lists 19 points that follow from results I have obtained using a structural macroeconomic model (SEM). Such models are more closely tied to the aggregate data than are DSGE models, and I argue that DSGE models and similar models should have properties that are consistent with these points. The aim is to try to bring macro back to its empirical roots.

Suggested Citation

  • Ray C. Fair, 2019. "Some Important Macro Points," Cowles Foundation Discussion Papers 2165, Cowles Foundation for Research in Economics, Yale University.
    • Handle: RePEc:cwl:cwldpp:2165
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    File URL: https://cowles.yale.edu/sites/default/files/files/pub/d21/d2165.pdf
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    References listed on IDEAS

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    Cited by:

    1. Ray C. Fair, 2019. "Trade Models and Macroeconomics," Cowles Foundation Discussion Papers 2214, Cowles Foundation for Research in Economics, Yale University.

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    More about this item

    Keywords

    Macro models; Macro properties;

    JEL classification:

    • E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles

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