Inside a Modern Macroeconometric Model: A Guide to the Murphy Model (Lecture Notes in Economics and Mathematical Systems, v. 428) (Lecture Notes in Computer Science, #428)

by Alan A. Powell and Christopher W. Murphy

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This work presents an account of how a state-of-the-art macro model is built, and how it works. Throughout, the emphasis is on providing the reader with a hands-on appreciation of the underlying economics, and of the model's practical implementation. The model described is an example of the newer breed of macro models that: (a) have strong micro foundations; (b) incorporate rational expectations in financial markets; (c) converge over simulated time to an interpretable balanced growth path; and (d) draw on the strengths of many different traditions in economics.
  • ISBN10 3540600272
  • ISBN13 9783540600275
  • Publish Date September 1995 (first published 1 January 1995)
  • Publish Status Active
  • Out of Print 12 September 2013
  • Publish Country DE
  • Publisher Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
  • Imprint Springer-Verlag Berlin and Heidelberg GmbH & Co. K
  • Format Paperback
  • Pages 442
  • Language English