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Comparative Performance of U.S. Econometric Models$
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Lawrence R. Klein

Print publication date: 1991

Print ISBN-13: 9780195057720

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780195057720.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 19 October 2021

Comparisons of Macroeconometric Models of Developing Economies

Comparisons of Macroeconometric Models of Developing Economies

(p.260) Chapter 10 Comparisons of Macroeconometric Models of Developing Economies
Comparative Performance of U.S. Econometric Models

Adams F. Gerard

Joaquin Vial

Oxford University Press

Comparisons of the performance of econometric models serve a number of purposes. These goals motivate the comparisons of econometric models of less developed countries (LDCs) as they have previous model comparison projects dealing with the United States and other industrial countries. The most important goal of the round of LDC model performance comparisons presented in Taiwan in May of 1987 was to get a first idea of the general characteristics of these models and a preliminary diagnostic of their principal strengths and weaknesses. A request to produce a standard set of simulations was sent to a dozen model groups in different countries. The simulations were defined carefully, restricting as much as possible the freedom of individual model builders so as to attain maximum comparability of results. Even so, since model structures and procedures differ, it is not certain that all the simulations are fully comparable.

Keywords:   econometric models, model comparison, simulations, model structures

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