Catalogue

COVID-19: Updates on library services and operations.

Comparative performance of U.S. econometric models [electronic resource] /
edited by Lawrence R. Klein.
imprint
New York : Oxford University Press, 1991.
description
x, 325 p. : ill.
ISBN
0195057724 (Cloth)
format(s)
Book
Holdings
More Details
imprint
New York : Oxford University Press, 1991.
isbn
0195057724 (Cloth)
restrictions
Licensed for access by U. of T. users.
general note
Title from e-book title screen (viewed October 16, 2007).
catalogue key
7372318
 
Includes bibliographical references and index.
A Look Inside
Full Text Reviews
Appeared in Choice on 1991-12:
Despite public perception regarding the ability of economists to make accurate predictions, econometric models that study the aggregate economy are informative in both an ex-ante and ex-post sense. Oftentimes different predictions arise from different structural models reflecting theoretical disagreements about how the economy operates. The accuracy of the predictions is thus dependent on the prior assumptions. Aggregate models can also often shed light on why certain events occurred and how changes work themselves through the economy over time. This collection of 12 papers by the major players in the field systematically analyzes the principal econometric models of the US. The approach is similar, though at the domestic rather than international level, to the Brookings Institution publication, Empirical Macroeconomics for Interdependent Economies ed. by C. Bryant et al. (CH, Nov'88). Although the number of people engaged in macro modeling is probably relatively small, those that are would find this book of interest; one would have to be quite well versed in the particulars of each model and econometric estimation. The principal audience would be empirical macroeconomists. University collections.-J. F. O'Connell, College of the Holy Cross
Reviews
Review Quotes
"Contains a wealth of information on the current state of macroeconomic modelling in the US."--The World Economy "These essays were part of a National Science Foundation seminar on the comparison of mainstream macroeconometric models of the U.S....Contributors include specialists in the areas of model use and analysis."--Journal of Macroeconomics
"Contains a wealth of information on the current state of macroeconomicmodelling in the US."--The World Economy "These essays were part of a NationalScience Foundation seminar on the comparison of mainstream macroeconometricmodels of the U.S....Contributors include specialists in the areas of model useand analysis."--Journal of Macroeconomics
"Contains a wealth of information on the current state of macroeconomic modelling in the US."--The World Economy "These essays were part of a National Science Foundation seminar on the comparison of mainstream macroeconometric models of the U.S....Contributors include specialists in the areasof model use and analysis."--Journal of Macroeconomics
"For those who remain faithful to the cause of large-scale macroeconomic modeling, this volume is certainly required reading."--Journal of the American Statistical Association
"For those who remain faithful to the cause of large-scale macroeconomicmodeling, this volume is certainly required reading."--Journal of the AmericanStatistical Association
"The book is very welcome...and prpovides a valuable source of information on the specific exercises conducted by participants in this new round of comparisons....The book offers an interesting overview of the state of the art of macroeconomic modelling in the United States and will be mostly welcomed by students of econometrics, model-builders, and model-users."--The Economic Journal
"The book is very welcome...and prpovides a valuable source of informationon the specific exercises conducted by participants in this new round ofcomparisons....The book offers an interesting overview of the state of the artof macroeconomic modelling in the United States and will be mostly welcomed bystudents of econometrics, model-builders, and model-users."--The EconomicJournal
"The book is very welcome...and prpovides a valuable source of information on the specific exercises conducted by participants in this new round of comparisons....The book offers an interesting overview of the state of the art of macroeconomic modelling in the United States and will be mostlywelcomed by students of econometrics, model-builders, and model-users."--The Economic Journal
"The chapters in this book enable econometricians and economists to appreciate the strengths and weaknesses of the current generation of large macro models and as such form an important volume that deserves to be widely read."--Journal of Economic Literature
"The chapters in this book enable econometricians and economists toappreciate the strengths and weaknesses of the current generation of large macromodels and as such form an important volume that deserves to be widelyread."--Journal of Economic Literature
"The volume is a must for practitioners of econometric model building and for general macroeconomists who are interested in empirical testing."--The Journal of Economics
"The volume is a must for practitioners of econometric model building andfor general macroeconomists who are interested in empirical testing."--TheJournal of Economics
"This book is must reading for anyone who does serious forcasting with models. It provides techniques for analyzing and evaluating these models....For the user of econometric models, the book provides an understanding of the differences in models and why the predictions of the models might differ."--International Journal of Forecasting
"This book is must reading for anyone who does serious forcasting withmodels. It provides techniques for analyzing and evaluating these models....Forthe user of econometric models, the book provides an understanding of thedifferences in models and why the predictions of the models mightdiffer."--International Journal of Forecasting
"This book is must reading for anyone who does serious forcasting with models. It provides techniques for analyzing and evaluating these models....For the user of econometric models, the book provides an understanding of the differences in models and why the predictions of the models mightdiffer."--International Journal of Forecasting
"This book is must reading for anyone who does serious forcasting with models. It provides techniques for analyzing and evaluating these models....For the user of econometric models, the book provides an understanding of the differences in models and why the predictions of the models might differ."--International Journal of Forecasting "The volume is a must for practitioners of econometric model building and for general macroeconomists who are interested in empirical testing."--The Journal of Economics "For those who remain faithful to the cause of large-scale macroeconomic modeling, this volume is certainly required reading."--Journal of the American Statistical Association "Contains a wealth of information on the current state of macroeconomic modelling in the US."--The World Economy "These essays were part of a National Science Foundation seminar on the comparison of mainstream macroeconometric models of the U.S....Contributors include specialists in the areas of model use and analysis."--Journal of Macroeconomics "The book is very welcome...and prpovides a valuable source of information on the specific exercises conducted by participants in this new round of comparisons....The book offers an interesting overview of the state of the art of macroeconomic modelling in the United States and will be mostly welcomed by students of econometrics, model-builders, and model-users."--The Economic Journal
"This book is must reading for anyone who does serious forcasting with models. It provides techniques for analyzing and evaluating these models....For the user of econometric models, the book provides an understanding of the differences in models and why the predictions of the models might differ."-- International Journal of Forecasting "The volume is a must for practitioners of econometric model building and for general macroeconomists who are interested in empirical testing."-- The Journal of Economics "For those who remain faithful to the cause of large-scale macroeconomic modeling, this volume is certainly required reading."-- Journal of the American Statistical Association "Contains a wealth of information on the current state of macroeconomic modelling in the US."-- The World Economy "These essays were part of a National Science Foundation seminar on the comparison of mainstream macroeconometric models of the U.S....Contributors include specialists in the areas of model use and analysis."-- Journal of Macroeconomics "The book is very welcome...and prpovides a valuable source of information on the specific exercises conducted by participants in this new round of comparisons....The book offers an interesting overview of the state of the art of macroeconomic modelling in the United States and will be mostly welcomed by students of econometrics, model-builders, and model-users."-- The Economic Journal
"This book is must reading for anyone who does serious forcasting with models. It provides techniques for analyzing and evaluating these models....For the user of econometric models, the book provides an understanding of the differences in models and why the predictions of the models might differ."--International Journal of Forecasting "The volume is a must for practitioners of econometric model building and for general macroeconomists who are interested in empirical testing."--The Journal of Economics "For those who remain faithful to the cause of large-scale macroeconomic modeling, this volume is certainly required reading."--Journal of the American Statistical Association "Contains a wealth of information on the current state of macroeconomic modelling in the US."--The World Economy"These essays were part of a National Science Foundation seminar on the comparison of mainstream macroeconometric models of the U.S....Contributors include specialists in the areas of model use and analysis."--Journal of Macroeconomics "The book is very welcome...and prpovides a valuable source of information on the specific exercises conducted by participants in this new round of comparisons....The book offers an interesting overview of the state of the art of macroeconomic modelling in the United States and will be mostly welcomed by students of econometrics, model-builders, and model-users."--The Economic Journal
This item was reviewed in:
Choice, December 1991
To find out how to look for other reviews, please see our guides to finding book reviews in the Sciences or Social Sciences and Humanities.
Summaries
Long Description
* Lawrence Klein won the Nobel Prize in Economics for his original work in developing models One of the most important, and visible, things economists do is to forecast what will happen in the economy in the future. Each year a number of different groups in the US use their own econometric models to forecast what will happen to the economy in the coming year. Some forecasts are more accurate than others. This book consists of chapters by distinguished economists comparing the different models now being used. It is organized topically rather than by model. The contributors include: Roger Brimmer, Ray Fair, Bert Hickman, F. Gerard Adams, and Albert Ando. Lawrence Klein provides an introduction to the volume.
Long Description
* Lawrence Klein won the Nobel Prize in Economics for his original work in developing modelsOne of the most important, and visible, things economists do is to forecast what will happen in the economy in the future. Each year a number of different groups in the US use their own econometric models to forecast what will happen to the economy in the coming year. Some forecasts are more accurate than others.This book consists of chapters by distinguished economists comparing the different models now being used. It is organized topically rather than by model. The contributors include: Roger Brimmer, Ray Fair, Bert Hickman, F. Gerard Adams, and Albert Ando. Lawrence Klein provides an introduction to the volume.
Long Description
This volume compares strategic properties of the leading macroeconometric models of the United States. It summarizes the work of an ongoing seminar supported by the National Science Foundation and chaired by Lawrence R. Klein of the University of Pennsylvania. The Seminar meets three times annually. Comparisons are made across models for such characteristics as conventional multipliers (fiscal, monetary, and supply side shocks), J-curve response to dollar depreciation, and forecast performance under consistent assumptions. There are in-depth comparisons of some models and investigation of use of high frequency information to improve forecasts. There are also analyses of the sources of forecast error. The core structures of models, especially their ISLM cores, are compared. The volume contains one chapter on comparison across models of different developing countries. In addition to the contributions by participating model builders who meet regularly, the book contains critical appraisals by outsiders. The contributors include many distinguished economists in model use and analysis. Many are operators of the countries best known modelling facilities. The introduction was written by Lawrence R. Klein, winner of the Nobel Prize in Economic Science in 1980, for his work in construction and use of econometric models.
Main Description
This volume compares strategic properties of the leading macroeconometricmodels of the United States. It summarizes the work of an ongoing seminarsupported by the National Science Foundation and chaired by Lawrence R. Klein ofthe University of Pennsylvania. The Seminar meets three times annually.Comparisons are made across models for such characteristics as conventionalmultipliers (fiscal, monetary, and supply side shocks), J-curve response todollar depreciation, and forecast performance under consistent assumptions.There are in-depth comparisons of some models and investigation of use of highfrequency information to improve forecasts. There are also analyses of thesources of forecast error. The core structures of models, especially their ISLMcores, are compared. The volume contains one chapter on comparison acrossmodels of different developing countries. In addition to the contributions byparticipating model builders who meet regularly, the book contains criticalappraisals by outsiders. The contributors include many distinguished economistsin model use and analysis. Many are operators of the countries best knownmodelling facilities. The introduction was written by Lawrence R. Klein, winnerof the Nobel Prize in Economic Science in 1980, for his work in construction anduse of econometric models.
Main Description
This volume compares strategic properties of the leading macroeconometric models of the United States. It summarizes the work of an ongoing seminar supported by the National Science Foundation and chaired by Lawrence R. Klein of the University of Pennsylvania. The Seminar meets three timesannually. Comparisons are made across models for such characteristics as conventional multipliers (fiscal, monetary, and supply side shocks), J-curve response to dollar depreciation, and forecast performance under consistent assumptions. There are in-depth comparisons of some models andinvestigation of use of high frequency information to improve forecasts. There are also analyses of the sources of forecast error. The core structures of models, especially their ISLM cores, are compared. The volume contains one chapter on comparison across models of different developing countries. In addition to the contributions by participating model builders who meet regularly, the book contains critical appraisals by outsiders. The contributors include many distinguished economists in model use and analysis. Many are operators of the countries best known modelling facilities. Theintroduction was written by Lawrence R. Klein, winner of the Nobel Prize in Economic Science in 1980, for his work in construction and use of econometric models.
Table of Contents
Prefacep. v
Notesp. vi
Contributorsp. ix
Overviewp. 1
Past, Present, and Possible Future of Macroeconometric Models and T heir Usesp. 3
Performance of Quarterly Econometric Models of the United States: a New Round of Model Comparisonsp. 18
Notesp. 41
Referencesp. 41
Comparing Macroeconomic Model Forecasts Under Common Assumptionsp. 69
Acknowledgmentsp. 84
Notesp. 84
Notesp. 85
Comparisons of Model Structuresp. 87
the Is-Lm Cores of Three Econometric Modelsp. 89
Concluding Remarksp. 121
Concluding Remarksp. 123
Concluding Remarksp. 124
a Comparative Analysis of the Dri and Bea Modelsp. 125
Notesp. 160
Notesp. 162
a Comparison of the Michigan and Fair Modelsp. 168
Referencesp. 196
Additional Approaches to Model Comparisons and Forecastsp. 199
Reappraisal of the Phillips Curve and Direct Effects of Money Supply on Inflationp. 201
Notesp. 220
Notesp. 222
New Methocis for Using Monthly Data""to Improve Forecast Accuracyp. 227
Notesp. 246
Notesp. 247
Stochastic-Simulation Testsof Nonlinear Econometric Modelsp. 250
Referencesp. 258
Comparisons of Macroeconometric Models of Developing Economiesp. 260
Notesp. 268
Notesp. 269
External Reviewsp. 287
a New Round of U.S. Model Comparisons: a Limited Appraisalp. 289
Notesp. 312
Model Comparisons and Appraisals1p. 316
Indexp. 321
Table of Contents provided by Publisher. All Rights Reserved.

This information is provided by a service that aggregates data from review sources and other sources that are often consulted by libraries, and readers. The University does not edit this information and merely includes it as a convenience for users. It does not warrant that reviews are accurate. As with any review users should approach reviews critically and where deemed necessary should consult multiple review sources. Any concerns or questions about particular reviews should be directed to the reviewer and/or publisher.

  link to old catalogue

Report a problem