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2017 | OriginalPaper | Buchkapitel

1. Introduction

verfasst von : John J. Heim

Erschienen in: An Econometric Model of the US Economy

Verlag: Springer International Publishing

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Abstract

This chapter lists variables found to be determinants of the level of consumer and investment goods produced. It summarizes some flaws with DSGE and VAR models that other economists have discovered, and discusses why science (empirical testing) is a better tool for finding out what works than deductions from philosophy (theory). It also summarizes a large number of ways the model improves on past studies. This part also provides a 14-page summary listing of the statistical models and their test results.

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Literatur
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Zurück zum Zitat Edge, R., and Gurkaynak, R. (2011). “How Useful are Estimated DSGE Model Forecasts for Central Bankers? Brookings Papers on Economic Activity, Fall 2010. Table 2, p. 224 Also available as “How Useful are Estimated{} DSGE Model Forecasts?” Finance and Economics Discussion Series. Div. of Research and Statistics and Monetary Affairs. Federal Reserve Board, Washington, DC, paper {\#}2011–11, Jan. 2011. Edge, R., and Gurkaynak, R. (2011). “How Useful are Estimated DSGE Model Forecasts for Central Bankers? Brookings Papers on Economic Activity, Fall 2010. Table 2, p. 224 Also available as “How Useful are Estimated{} DSGE Model Forecasts?” Finance and Economics Discussion Series. Div. of Research and Statistics and Monetary Affairs. Federal Reserve Board, Washington, DC, paper {\#}2011–11, Jan. 2011.
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Zurück zum Zitat Tinbergen, Jan. (1939). Statistical Testing of Business Cycle Theories, Volume 2. Business Cycles in the United States of America, 1919–1932. Geneva: League of Nations. Tinbergen, Jan. (1939). Statistical Testing of Business Cycle Theories, Volume 2. Business Cycles in the United States of America, 1919–1932. Geneva: League of Nations.
Metadaten
Titel
Introduction
verfasst von
John J. Heim
Copyright-Jahr
2017
DOI
https://doi.org/10.1007/978-3-319-50681-4_1