A Long Run Structural Macroeconometric Model of the UK  

Oleh:

Garratt, Anthony ; Lee, Kevin ; Pesaran, M. Hashem ; Yongcheol, Shin

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 113 no. 487 (2003), page 412-455.
Topik: MACROECONOMICS; macro econometric; model
Fulltext: 412.pdf (393.29KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.10 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

A new modelling strategy that provides a practical approach to incorporating long - run structural relationships, suggested by economic theory, in an otherwise unrestricted VAR model is applied to construct a small quarterly macroeconometric model of the UK, estimated over 1965 q 1 – 1999 q 4 in nine variables : domestic and foreign outputs, prices and interest rates, oil prices, the nominal effective exchange rate, and real money balances. The aim is to develop a model with a transparent and theoretically coherent foundation. Tests of restrictions on the long - run relations of the model are presented. The dynamic properties of the model are discussed and monetary policy shocks identified.

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