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Making a Match: Combining Theory andEvidence in Policy-oriented MacroeconomicModeling

kapetanios, George; Pagan, Adrian; Scott, A


A persistent question in the development of models for macroeconomic policy analysis has been the relative role of economic theory and evidence in their construction. This paper looks at some popular strategies that involve setting up a theoretical or conceptual model (CM) which is transformed to match the data and then made operational for policy analysis. A dynamic general equilibrium model is constructed that is similar to standard CMs. After calibration to UK data it is used to examine the...[Show more]

CollectionsANU Research Publications
Date published: 2007
Type: Journal article
Source: Journal of Econometrics
DOI: 10.1016/j.jeconom.2005.11.007


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