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

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dc.contributor.authorkapetanios, George
dc.contributor.authorPagan, Adrian
dc.contributor.authorScott, A
dc.date.accessioned2015-12-10T22:54:27Z
dc.date.issued2007
dc.date.updated2015-12-10T07:42:09Z
dc.description.abstractA 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 utility of formal econometric methods in assessing the match of the CM to the data and also to evaluate some standard model-building strategies.
dc.identifier.issn0304-4076
dc.identifier.urihttp://hdl.handle.net/1885/59656
dc.publisherElsevier
dc.sourceJournal of Econometrics
dc.subjectKeywords: Calibration; Computer simulation; Data reduction; Public policy; Conceptual model (CM); Model evaluation; Policy oriented economic modeling; VAR models; Economics Model evaluation; Policy oriented economic modeling; VAR models
dc.titleMaking a Match: Combining Theory andEvidence in Policy-oriented MacroeconomicModeling
dc.typeJournal article
local.bibliographicCitation.issue2
local.bibliographicCitation.lastpage594
local.bibliographicCitation.startpage565
local.contributor.affiliationkapetanios, George, Queen Mary University of London
local.contributor.affiliationPagan, Adrian, College of Business and Economics, ANU
local.contributor.affiliationScott, A, Bank of England
local.contributor.authoruidPagan, Adrian, u7400221
local.description.embargo2037-12-31
local.description.notesImported from ARIES
local.identifier.absfor140201 - Agricultural Economics
local.identifier.ariespublicationu4167262xPUB502
local.identifier.citationvolume136
local.identifier.doi10.1016/j.jeconom.2005.11.007
local.identifier.scopusID2-s2.0-33845289380
local.type.statusPublished Version

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