A New Round of U.S. Model Comparisons: A Limited Appraisal
A New Round of U.S. Model Comparisons: A Limited Appraisal
The new round of comparisons seems to suggest that U.S. econometric models still disagree strongly about the effects of these policies. Four models will be considered among those that have participated in the new round of comparisons. Starting from the estimated equations, the chapter relies on these estimates in seeking to obtain particular forms that might allow comparisons among the different models. These are the fairly small Fair models and Taylor models and the relatively large models of the Federal Reserve Board and of the University of Michigan. This chapter examines the price-wage sectors, the money-demand equations of the four models and the basic LM curves, the question of how differences in full-model multipliers may be related to basic differences in model structures, and the role of the “demand side.”
Keywords: United States, econometric models, comparisons, prices, wages, money demand, LM curves, multipliers, demand side
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