We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
Decisions in Designing an Australian Macroeconomic Model.
- Authors
Murphy, Chris
- Abstract
This paper discusses the decisions made in designing a new Australian macroeconometric model to be used for both policy analysis and forecasting. Serving these dual functions requires a reasonable level of consistency with both macroeconomic theory (emphasised in New Keynesian dynamic stochastic general equilibrium models) and macroeconomic data (emphasised in vector autoregression models). The key decisions made in modelling household, business, government and foreign behaviour are explained. The design decisions taken are reflected in the new model, which is the latest in a series developed by the author. The use of the latest model is illustrated in optimal control simulations.
- Subjects
MACROECONOMIC models; VECTOR autoregression model; POLICY analysis
- Publication
Economic Record, 2020, Vol 96, Issue 314, p252
- ISSN
0013-0249
- Publication type
Article
- DOI
10.1111/1475-4932.12534