An Econometric Model of the US Economy

Structural Analysis in 56 Equations

Business & Finance, Economics, Econometrics, Macroeconomics
Cover of the book An Econometric Model of the US Economy by John J. Heim, Springer International Publishing
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: John J. Heim ISBN: 9783319506814
Publisher: Springer International Publishing Publication: December 6, 2017
Imprint: Palgrave Macmillan Language: English
Author: John J. Heim
ISBN: 9783319506814
Publisher: Springer International Publishing
Publication: December 6, 2017
Imprint: Palgrave Macmillan
Language: English

This book explores the US economy from 1960 to 2010 using a more Keynsian, Cowles model approach, which the author argues has substantial advantages over the vector autoregression (VAR) and dynamic stochastic general equilibrium (DSGE) models used almost exclusively today. Heim presents a robust argument in favor of the Cowles model as an answer to the pressing, unresolved methodological question of how to accurately model the macroeconomy so that policymakers can reliably use these models to assist their decision making. Thirty-eight behavioral equations, describing determinants of variables such as consumption, taxes, and government spending, are connected by eighteen identities to construct a comprehensive model of the real US economy that Heim then tests across four different time periods to ensure that results are consistent. This comprehensive demonstration of the value of a long-ignored model provides overwhelming evidence that the more Keynesian (Cowles) structural models outperform VAR and DSGE, and therefore should be the models of choice in future macroeconomic studies.  

  

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

This book explores the US economy from 1960 to 2010 using a more Keynsian, Cowles model approach, which the author argues has substantial advantages over the vector autoregression (VAR) and dynamic stochastic general equilibrium (DSGE) models used almost exclusively today. Heim presents a robust argument in favor of the Cowles model as an answer to the pressing, unresolved methodological question of how to accurately model the macroeconomy so that policymakers can reliably use these models to assist their decision making. Thirty-eight behavioral equations, describing determinants of variables such as consumption, taxes, and government spending, are connected by eighteen identities to construct a comprehensive model of the real US economy that Heim then tests across four different time periods to ensure that results are consistent. This comprehensive demonstration of the value of a long-ignored model provides overwhelming evidence that the more Keynesian (Cowles) structural models outperform VAR and DSGE, and therefore should be the models of choice in future macroeconomic studies.  

  

More books from Springer International Publishing

Cover of the book Type-2 Fuzzy Logic and Systems by John J. Heim
Cover of the book Cybernetics, Warfare and Discourse by John J. Heim
Cover of the book Posing and Solving Mathematical Problems by John J. Heim
Cover of the book Theoretical and Empirical Insights into Child and Family Poverty by John J. Heim
Cover of the book Wine and Tourism by John J. Heim
Cover of the book Professional Error Competence of Preservice Teachers by John J. Heim
Cover of the book Natural Processes by John J. Heim
Cover of the book Balanced Phono-Amps by John J. Heim
Cover of the book Nietzsche’s Nihilism in Walter Benjamin by John J. Heim
Cover of the book A Clinician's Guide to Sperm DNA and Chromatin Damage by John J. Heim
Cover of the book Advanced Physics of Electron Transport in Semiconductors and Nanostructures by John J. Heim
Cover of the book Distributed, Ambient and Pervasive Interactions by John J. Heim
Cover of the book Hybrid Metaheuristics for Image Analysis by John J. Heim
Cover of the book Information Security and Privacy by John J. Heim
Cover of the book Privately and Publicly Verifiable Computing Techniques by John J. Heim
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy