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A Survey of Recent Canadian Macro-Econometric Models and Usefulness of Canadian Data for Macro- and Micro-Econometric Model Building Compared with U.S. and Japanese Data

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  • Hiroki Tsurumi

    (Queen's University)

Abstract

Since Timbergen's pioneering study published in 1939, various econometric models have been built in many countries in the world. The rate of production of econometric models has been increasing, particularly over the last decade. This trend is a product of the following developments: (i) statistical data on various levels of economic activities are more and more readily available; (ii)training in econometric techniques has been widely diffused and improved in undergraduate and graduate economics programs; and (iii) computer facilities are readily accessible, and many econometric estimation methods are now available as canned programs. In this paper, we take the position that the trend towards disaggregated macro models, industry models, and firm models is a useful phenomenon and will help us understand economic activities in a more systematic and logical way. Based on this viewpoint, we survey the current state of Canadian macro-econometric models in section II, and in section III we examine the usefulness of Canadian data for disaggregated macro models in comparison to U.S. and Japanese data. Also, in this section we briefly examine the data necessary for building an industry or firm model. Section IV presents some suggestions for data publications useful for econometric model builders.

Suggested Citation

  • Hiroki Tsurumi, 1972. "A Survey of Recent Canadian Macro-Econometric Models and Usefulness of Canadian Data for Macro- and Micro-Econometric Model Building Compared with U.S. and Japanese Data," Working Paper 81, Economics Department, Queen's University.
    • Handle: RePEc:qed:wpaper:81
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    File URL: http://qed.econ.queensu.ca/working_papers/papers/qed_wp_81.pdf
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    References listed on IDEAS

    as
    1. T. M. Brown, 1964. "A Forecast Determination of National Product, Employment, and Price Level in Canada, from an Econometric Model," NBER Chapters, in: Models of Income Determination, pages 59-96, National Bureau of Economic Research, Inc.
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    3. Tsurumi, Hiroki, 1971. "A Note on Gamma Distributed Lags," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 12(2), pages 317-324, June.
    4. Irwin Friend & Robert C. Jones, 1964. "Short-Run Forecasting Models Incorporating Anticipatory Data," NBER Chapters, in: Models of Income Determination, pages 279-326, National Bureau of Economic Research, Inc.
    5. Rudolf R. Rhomberg, 1964. "A Model of the Canadian Economy Under Fixed and Fluctuating Exchange Rates," Journal of Political Economy, University of Chicago Press, vol. 72(1), pages 1-1.
    6. Lawrence R. Klein, 1958. "The Measurement of Capacity," Cowles Foundation Discussion Papers 49, Cowles Foundation for Research in Economics, Yale University.
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