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Comparison of NIESR and Liverpool Model Errors: A Note

Published online by Cambridge University Press:  26 March 2020

Patrick Minford
Patrick Minford*
Affiliation:
University of Liverpool
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Extract

In the Review of February 1981 the NIESR Model (hereafter NM) errors for 1972-80 for GDP and inflation were juxtaposed with the Liverpool Model (hereafter LM) errors reported in Minford (1980a) and other references. It was stated that this was a ‘direct comparison’. It was also stated that my comparison of the LM errors with the actual forecast errors made by NIESR ‘was not a proper one’. The object of this note is (a) to deny the first statement and (b) with respect to the second, clarify the sense in which my comparison (Minford 1980a) was indeed proper.

Type
Articles
Information
National Institute Economic Review , Volume 97 , August 1981 , pp. 81
Copyright
Copyright © 1981 National Institute of Economic and Social Research

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References

Minford, A.P.L. (1980a) ‘A Rational Expectations Model of the UK under Fixed and Floating Exchange Rates’, Carnegie-Rochester Conference Series on Public Policy, 12, (The State of Macroeconomics), pp. 293–355.10.1016/0167-2231(80)90032-9CrossRefGoogle Scholar
Minford, A.P.L. (1980b) ‘Monetarism, Inflation and Economic Policy’, in Is Monetarism Enough?, Institute of Economic Affairs Readings, 24, September, 1980, pp. 1–22.Google Scholar