An Econometric Model of the US Economy (eBook)

Structural Analysis in 56 Equations

John J. Heim (Autor)

eBook Download: PDF

2017 | 1st ed. 2017
XXX, 460 Seiten
Springer International Publishing (Verlag)
978-3-319-50681-4 (ISBN)

Infos

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.  

  

John J. Heim is Visiting Professor at University of Albany-SUNY, and retired Clinical Professor of Economics at Rensselaer Polytechnic Institute, both in New York, USA.

Inhalt

PREFACE 6
ACKNOWLEDGMENTS 8
CONTENTS 10
LIST OF FIGURES 15
LIST OF TABLES 17
SUMMARY 25

Produkt-Details

• Erscheint lt. Verlag: 6.12.2017
• Zusatzinfo: XXX, 460 p. 14 illus.
• Verlagsort: Cham
• Sprache: englisch
• Themenwelt: Wirtschaft ► Allgemeines / Lexika
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre
• Schlagworte: aggregate demand curve • endogenous variables • Engineering • engineering manual • hausman • investment/saving • IS curve • liquidity-money curve • LM curve • Lucas critique • Phillips curve model • sargan • Sims model • Smets-Wouters • Taylor Rule • Wald
• ISBN-10: 3-319-50681-1 / 3319506811
• ISBN-13: 978-3-319-50681-4 / 9783319506814