Hostname: page-component-78c5997874-fbnjt Total loading time: 0 Render date: 2024-11-15T15:24:57.507Z Has data issue: false hasContentIssue false
  • English
  • Français

Comparative Properties of Models of the Uk Economy

Published online by Cambridge University Press:  26 March 2020

P.G. Fisher ,
S.K. Tanna ,
D.S. Turner ,
K.F. Wallis  and
J.D. Whitley
P.G. Fisher
Affiliation:
ESRC Macroeconomic Modelling Bureau at the University of Warwick
S.K. Tanna
Affiliation:
ESRC Macroeconomic Modelling Bureau at the University of Warwick
D.S. Turner
Affiliation:
ESRC Macroeconomic Modelling Bureau at the University of Warwick
K.F. Wallis
Affiliation:
ESRC Macroeconomic Modelling Bureau at the University of Warwick
J.D. Whitley
Affiliation:
ESRC Macroeconomic Modelling Bureau at the University of Warwick
Get access Rights & Permissions [Opens in a new window]

Abstract

This paper describes the properties of five major macroeconometric models of the UK economy, through analysis of six standard policy simulations. The simulations are conducted, as far as possible, in a consistent manner across the models. The models were deposited with the ESRC Macroeconomic Modelling in late 1988 and this paper follows comparative analysis of previous model vintages in this Review and in earlier Bureau publications. The paper highlights differences between the models that emerge from the treatment of exchange rates, imports, consumption and price adjustment. Recent changes to the models are shown to have increased simulation differences between them.

Type
Articles
Information
National Institute Economic Review , Volume 129 , August 1989 , pp. 69 - 87
Copyright
Copyright © 1989 National Institute of Economic and Social Research

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Footnotes

A PC-program which uses many of the results described in this paper in ready-reckoner form is available from the Bureau to academic institutions at a small charge. Editorial responsibility is taken by the authors, not by the Editorial Board of the Review.

References

Courakis, A.S. (1988). Modelling portfolio selection. Economic Journal, 98, 619–642.CrossRefGoogle Scholar
Dinenis, E., Holly, S., Levine, P. and Smith, P. (1989). The London Business School econometric model: some recent developments. Economic Modelling, forthcoming.CrossRefGoogle Scholar
Fisher, P.G., Tanna, S.K., Turner, D.S., Wallis, K.F. and Whitley, J.D. (1988). Comparative properties of models of the UK economy. National Institute Economic Review, No. 125, 69–87.CrossRefGoogle Scholar
Fisher, P.G., Tanna, S.K., Turner, D.S., Wallis, K.F. and Whitley, J.D. (1989). Econometric evaluation of the exchange rate in models of the UK economy. ESRC Macroeconomic Modelling Bureau Discussion Paper No. 20.Google Scholar
Harnett, I. and Patterson, K. (1989). An analysis of changes in the structural and simulation properties of the Bank of England quarterly model of the UK economy. Economic Modelling, 6, 20–55.CrossRefGoogle Scholar
Joyce, M. and Wren-Lewis, S. (1989). Does the NAIRU matter? National Institute of Economic and Social Research, Discussion Paper No. 154.Google Scholar
Melliss, C., Meen, G., Pain, N. and Whittaker, R. (1989). The new Treasury model project. GES Working Paper.Google Scholar
Minford, A.P.L., Davis, D., Peel, M. and Sprague, A. (1985). Unemployment: Cause and Cure (2nd ed.). Oxford : Basil Blackwell.Google Scholar
Minford, A.P.L., Marwaha, S., Matthews, K. and Sprague, A. (1984). The Liverpool macroeconomic model of the United Kingdom. Economic Modelling, 1, 24–62.CrossRefGoogle Scholar
Nickell, S.J. (1984). Review of Unemployment: Cause and Cure by A. P. L. Minford et al. (Blackwell, 1983). Economic Journal, 94, 946–953.Google Scholar
Turner, D.S., Wallis, K.F. and Whitley, J.D. (1989). Differences in the properties of large-scale macroeconometric models: the role of labour market specifications. Journal of Applied Econometrics, forthcoming.10.1002/jae.3950040403CrossRefGoogle Scholar
Turner, D.S. and Whitley, J.D. (1989). The importance of the distinction between long- and short-term unemployment in UK macro econometric models. ESRC Macroeconomic Modelling Bureau, Discussion Paper No. 18.Google Scholar
Wallis, K.F. (ed.), Andrews, M.J., Bell, D.N.F., Fisher, P.G. and Whitley, J.D. (1984). Models of the UKEconomy: A Review by the ESRC Macroeconomic Modelling Bureau, Oxford : Oxford University Press.Google Scholar
Wallis, K.F. (ed.), Andrews, M.J., Bell, D.N.F., Fisher, P.G. and Whitley, J.D. (1985). Models of the UK Economy: A Second Review by the ESRC Macroeconomic Modelling Bureau. Oxford : Oxford University Press.Google Scholar
Wallis, K.F. (ed.), Andrews, M.J., Fisher, P.G., Longbottom, J.A. and Whitley, J.D. (1986). Models of the UK Economy: A Third Review by the ESRC Macroeconomic Modelling Bureau. Oxford : Oxford University Press.Google Scholar
Wallis, K.F. (ed.), Fisher, P.G., Longbottom, A.J., Turner, D.S. and Whitley, J.D. (1987). Models of the UK Economy: A Fourth Reviewby the ESRC Macroeconomic Modelling Bureau. Oxford : Oxford University Press.Google Scholar
Wren-Lewis, S.(1988). Supply, liquidity and credit: a new version of the Institutes's domestic econometric macromodel. National Institute Economic Review, No. 126, 32–43.10.1177/002795018812600104CrossRefGoogle Scholar