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The Resource An econometric model of the US economy : structural analysis in 56 equations, John J. Heim

An econometric model of the US economy : structural analysis in 56 equations, John J. Heim

Label
An econometric model of the US economy : structural analysis in 56 equations
Title
An econometric model of the US economy
Title remainder
structural analysis in 56 equations
Statement of responsibility
John J. Heim
Creator
Subject
Language
eng
Summary
This book explores the US economy from 1960 to 2010 using a more Keynsian, Cowles model approach, which the author argues has substantial advantages over the vector autoregression (VAR) and dynamic stochastic general equilibrium (DSGE) models used almost exclusively today. Heim presents a robust argument in favor of the Cowles model as an answer to the pressing, unresolved methodological question of how to accurately model the macroeconomy so that policymakers can reliably use these models to assist their decision making. Thirty-eight behavioral equations, describing determinants of variables such as consumption, taxes, and government spending, are connected by eighteen identities to construct a comprehensive model of the real US economy that Heim then tests across four different time periods to ensure that results are consistent. This comprehensive demonstration of the value of a long-ignored model provides overwhelming evidence that the more Keynesian (Cowles) structural models outperform VAR and DSGE, and therefore should be the models of choice in future macroeconomic studies.--
Assigning source
Provided by publisher
http://library.link/vocab/creatorName
Heim, John J.,
Dewey number
330.973
Index
index present
Literary form
non fiction
Nature of contents
  • dictionaries
  • bibliography
http://library.link/vocab/subjectName
United States
Label
An econometric model of the US economy : structural analysis in 56 equations, John J. Heim
Instantiates
Publication
Antecedent source
unknown
Bibliography note
Includes bibliographical references and index
Color
multicolored
Contents
1. Introduction to Part 1 (Production of the GDP) -- 2. Methodology -- 3. Literature Review -- 4. The Consumption Models -- 5. Models Indicating Determinants of Investment Spending and Borrowing -- 6. The Exports Demand Equation -- 7. Statistically Estimated Real GDP Determination Functions ("IS" Curves) -- 8. Real GDP Determination Functions (“IS” Curves) Aggregated from Estimates Obtained by Statistically Estimating the Subcomponent Functions Comprising the GDP -- 9. Determinants of the Prime Interest Rate: Taylor Rule Method -- 10. Determinants of the Prime Interest Rate: LM Curve Method -- 11. Determinants of Inflation: The Phillips Curve Model -- 12. Determinants of Unemployment -- 13. The Savings Functions -- 14. Determinants of Government Receipts -- 15. Edogeneity of Government Spending -- 16. Capacity of the Model to Explain Behavior of the Macroeconomy in the Years beyond the Period Used to Estimate the Model -- 17. Converting the Older Keynsian IS-LM Model to the More Modern AS-AD Interpretation of the Kenysian Model -- 18. Dynamics -- 19. Summary and Conclusions (Production Side of the NIPA Accounts) -- 20. Part II: Determinants of Factor Shares (Income Side of the NIPA Accounts)
Control code
on1015215114
Dimensions
unknown
Extent
1 online resource
File format
unknown
Form of item
online
Isbn
9783319506814
Level of compression
unknown
Quality assurance targets
not applicable
Reformatting quality
unknown
Sound
unknown sound
Specific material designation
remote
System control number
(OCoLC)1015215114
Label
An econometric model of the US economy : structural analysis in 56 equations, John J. Heim
Publication
Antecedent source
unknown
Bibliography note
Includes bibliographical references and index
Color
multicolored
Contents
1. Introduction to Part 1 (Production of the GDP) -- 2. Methodology -- 3. Literature Review -- 4. The Consumption Models -- 5. Models Indicating Determinants of Investment Spending and Borrowing -- 6. The Exports Demand Equation -- 7. Statistically Estimated Real GDP Determination Functions ("IS" Curves) -- 8. Real GDP Determination Functions (“IS” Curves) Aggregated from Estimates Obtained by Statistically Estimating the Subcomponent Functions Comprising the GDP -- 9. Determinants of the Prime Interest Rate: Taylor Rule Method -- 10. Determinants of the Prime Interest Rate: LM Curve Method -- 11. Determinants of Inflation: The Phillips Curve Model -- 12. Determinants of Unemployment -- 13. The Savings Functions -- 14. Determinants of Government Receipts -- 15. Edogeneity of Government Spending -- 16. Capacity of the Model to Explain Behavior of the Macroeconomy in the Years beyond the Period Used to Estimate the Model -- 17. Converting the Older Keynsian IS-LM Model to the More Modern AS-AD Interpretation of the Kenysian Model -- 18. Dynamics -- 19. Summary and Conclusions (Production Side of the NIPA Accounts) -- 20. Part II: Determinants of Factor Shares (Income Side of the NIPA Accounts)
Control code
on1015215114
Dimensions
unknown
Extent
1 online resource
File format
unknown
Form of item
online
Isbn
9783319506814
Level of compression
unknown
Quality assurance targets
not applicable
Reformatting quality
unknown
Sound
unknown sound
Specific material designation
remote
System control number
(OCoLC)1015215114

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