Inside a Modern Macroeconometric Model: A Guide to the Murphy Model: v. 428 (Lecture Notes in Economics and Mathematical Systems) - Softcover

Powell, Alan A.; Murphy, Christopher W.

Softcover

ISBN 10: 3540600272 ISBN 13: 9783540600275

Publisher: Springer-Verlag Berlin and Heidelberg GmbH & Co. K, 1995

Synopsis

This work presents an account of how a state-of-the-art macro model is built, and how it works. Throughout, the emphasis is on providing the reader with a hands-on appreciation of the underlying economics, and of the model's practical implementation. The model described is an example of the newer breed of macro models that: (a) have strong micro foundations; (b) incorporate rational expectations in financial markets; (c) converge over simulated time to an interpretable balanced growth path; and (d) draw on the strengths of many different traditions in economics.

Edition details

• Publisher: Springer-Verlag Berlin and Heidelberg GmbH & Co. K
• Publication date: 1995
• Language: English
• ISBN 10: 3540600272
• ISBN 13: 9783540600275
• Binding: Paperback
• Number of pages: 442