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MARSHALLIAN MACROECONOMIC MODEL: A PROGRESS REPORT

Published online by Cambridge University Press:  28 April 2005

ARNOLD ZELLNER  and
GUILLERMO ISRAILEVICH
ARNOLD ZELLNER
Affiliation:
University of Chicago
GUILLERMO ISRAILEVICH
Affiliation:
University of Chicago
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Abstract

In this progress report, we first indicate the origins and early development of the Marshallian Macroeconomic Model and briefly review some of our past empirical forecasting experiments with the model. Then we present recently developed one-sector, two-sector and n-sector models of an economy that can be employed to explain past experience, predict future outcomes, and analyze policy problems. The results of simulation experiments with various versions of the model are provided to illustrate some of its dynamic properties that include “chaotic” features. Last, we present comments on planned future work with the model.

Keywords

Marshallian Macroeconomic ModelDisaggregationPredictionSimulationOne-Sector ModelTwo-Sector Modeln-Sector Model
Type
MD SURVEY
Information
Macroeconomic Dynamics , Volume 9 , Issue 2 , April 2005 , pp. 220 - 243
Copyright
© 2005 Cambridge University Press

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