Making a match: Combining theory and evidence in policy-oriented macroeconomic modeling

Kapetanios, G; Pagan, AR; Scott, A

Making a match: Combining theory and evidence in policy-oriented macroeconomic modeling

Kapetanios, G Pagan, AR Scott, A

Permalink

Publisher:: Elsevier Science Publishers B.V.
Publication Type:: Journal Article
Citation:: Journal of Econometrics, 2007, 136 (2), pp. 565 - 594
Issue Date:: 2007-01

Closed Access

	Filename	Description	Size
	2009007599OK.pdf		348.4 kB	Adobe PDF	View/Open

Copyright Clearance Process

Recently Added
In Progress
Closed Access

This item is closed access and not available.

Full metadata record

Field	Value	Language
dc.contributor.author	Kapetanios, G	en_US
dc.contributor.author	Pagan, AR	en_US
dc.contributor.author	Scott, A	en_US
dc.date.issued	2007-01	en_US
dc.identifier.citation	Journal of Econometrics, 2007, 136 (2), pp. 565 - 594	en_US
dc.identifier.issn	0304-4076	en_US
dc.identifier.uri	http://hdl.handle.net/10453/15757
dc.description.abstract	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 utility of formal econometric methods in assessing the match of the CM to the data and also to evaluate some standard model-building strategies.	en_US
dc.publisher	Elsevier Science Publishers B.V.	en_US
dc.relation.ispartof	Journal of Econometrics	en_US
dc.relation.isbasedon	10.1016/j.jeconom.2005.11.007	en_US
dc.subject.classification	Econometrics	en_US
dc.title	Making a match: Combining theory and evidence in policy-oriented macroeconomic modeling	en_US
dc.type	Journal Article
utslib.citation.volume	2	en_US
utslib.citation.volume	136	en_US
utslib.for	1403 Econometrics	en_US
utslib.for	0104 Statistics	en_US
utslib.for	1402 Applied Economics	en_US
dc.location.activity	Wellington, New Zealand
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
utslib.copyright.status	closed_access
pubs.consider-herdc	false	en_US
pubs.issue	2	en_US
pubs.volume	136	en_US

Abstract:

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 utility of formal econometric methods in assessing the match of the CM to the data and also to evaluate some standard model-building strategies.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/15757