Modelling the Supply Side of the Seven Major OECD Economies
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...
| Main Author: | |
|---|---|
| Other Authors: | , |
| Format: | eBook |
| Language: | English |
| Published: |
Paris
OECD Publishing
1996
|
| Series: | OECD Economics Department Working Papers
|
| Subjects: | |
| Online Access: | |
| Collection: | OECD Books and Papers - Collection details see MPG.ReNa |
| Summary: | 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 .. |
|---|---|
| Physical Description: | 44 p. 21 x 29.7cm |