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Author: Otto Eckstein
Publisher: McGraw-Hill Companies
ISBN:
Category : Business & Economics
Languages : en
Pages : 280
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Book Description
Traces the development of the Data Resources economic model, discusses some of its most important equations, and tells how economic simulation is used to make forecasts and test theories.
Author: Otto Eckstein
Publisher: McGraw-Hill Companies
ISBN:
Category : Business & Economics
Languages : en
Pages : 280
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Book Description
Traces the development of the Data Resources economic model, discusses some of its most important equations, and tells how economic simulation is used to make forecasts and test theories.
Author: Otto ECKSTEIN
Publisher:
ISBN:
Category :
Languages : en
Pages : 8
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Book Description
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 64
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Book Description
The Energy Information Administration (EIA) uses models of the US economy developed by Data Resources, Inc. (DRI) for conducting policy analyses, preparing forecasts for the Annual Energy Outlook, the Short-Term Energy Outlook, and related analyses in conjunction with EIA's National Energy Modeling System (NEMS) and its other energy market models. Both the DRI Model of the US Economy and the DRI Personal Computer Input-Output Model (PC-IO)2 were developed and are maintained by DRI as proprietary models. This report provides documentation, as required by EIA standards for the use of proprietary models; describes the theoretical basis, structure and functions of both DRI models; and contains brief descriptions of the models and their equations. Appendix A describes how the two large-scale models documented here are used to support the macroeconomic and interindustry modeling associated with the National Energy Modeling System. Appendix B is an article by Stephen McNees of the Federal Reserve Bank of Boston on ''How Large are Economic Forecast Errors.'' This article assesses the forecast accuracy of a number of economic forecasting models (groups) and is attached as an independent assessment of the forecast accuracy of the DRI Model of the US Economy.
Author: John J. Heim
Publisher: Springer
ISBN: 3319506811
Category : Business & Economics
Languages : en
Pages : 480
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Book Description
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.
Author: Lawrence R. Klein
Publisher: University of Pennsylvania Press
ISBN: 1512803561
Category : Business & Economics
Languages : en
Pages : 416
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Book Description
Models of the American economy exist in government, research institutes, universities, and private corporations. Given the proliferation, it is wise to take stock because these models come from diverse sources and describe different conditions from alternative points of view. They could be saying different things about the economy. The high-level comparative studies in this volume, gathered from several issues of the International Economic Review, with a substantive introduction and the addition of more comparative material, evaluate the performance of eleven models of the American economy: the Wharton Mark Ill Model; Brookings Model; Hickman-Coen Annual Model; Liu-Hwa Monthly Model; Data Resources, Inc. (DRI) Model; Federal Reserve Bank of St. Louis Model; Michigan Quarterly Econometric (MOEM) Model; Wharton Annual and Industry Model; Anticipation Version of the Wharton Mark Ill Model/Fair Model; U.S. Department of Commerce (BEA) Model. Each of the proprietors or builders of these models describes his own system in his own words. These studies come closer than ever before to standardizing model operations for testing purposes. Some of the models are monthly, while others are annual. but the quarterly unit of time is the most frequent. Some are demand oriented, others are supply oriented, and focus on the input-output sectors of the economy. Some use only observed. objective data; others use subjective. anticipatory data. Both large and small models are included. In spite of the diversity, the contributors have cooperated to trace the differences between their models to root causes and to report jointly the results of their research. There are also some general papers that look at model performance from outside the CEME group.
Author:
Publisher:
ISBN:
Category : Econometrics
Languages : en
Pages : 154
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Book Description
Author:
Publisher:
ISBN:
Category : Economic forecasting
Languages : en
Pages : 195
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Book Description
Author: Data Resources, inc
Publisher: McGraw-Hill Companies
ISBN:
Category : Business & Economics
Languages : en
Pages : 440
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Book Description
Author: United States. Congress. Senate. Committee on Energy and Natural Resources. Subcommittee on Energy Regulation
Publisher:
ISBN:
Category : Petroleum law and legislation
Languages : en
Pages : 1076
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Book Description
Author: Otto Eckstein
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 72
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Book Description
