Modelling the Supply Side of the Seven Major OECD Economies [E-Book] / Dave Turner, Pete Richardson and Sylvie Rauffet
If a macroeconometric model is to be useful for policy analyses which go beyond short-term forecasting requirements, particular attention must be paid to the form and consistency of its various components with respect to longer-term equilibria. In particular, long-run properties and ultimate stabili...
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Full text |
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Personal Name(s): | Turner, Dave. |
Richardson, Pete. / Rauffet, Sylvie. | |
Imprint: |
Paris :
OECD Publishing,
1996
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Physical Description: |
45 p. ; 21 x 29.7cm. |
Note: |
englisch |
DOI: |
10.1787/067186103828 |
Series Title: |
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OECD Economics Department Working Papers ;
167 |
Keywords: |
Economics |
If a macroeconometric model is to be useful for policy analyses which go beyond short-term forecasting requirements, particular attention must be paid to the form and consistency of its various components with respect to longer-term equilibria. In particular, long-run properties and ultimate stability of such models with respect to output, employment and inflation depend crucially on the consistency and form of the supply-side specification.This paper presents recent work by the OECD contributing to its INTERLINK world model. It focuses on the specification and estimation of the supply-side aspects of the sub-models for the seven major OECD Member countries. It presents a general analytical framework for the specification of a consistent model of business sector behaviour within a dynamic form which meets both short-term forecasting and longer-term theoretical requirements. Comparative estimation results are reported for individual economies along with simulation results for a ... |