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- Large-scale_macroeconometric_model abstract "Following the development of Keynesian economics, applied economics began developing forecasting models based on economic data including national income and product accounting data. In contrast with typical textbook models, these large-scale macroeconometric models used large amounts of data and based forecasts on past correlations instead of theoretical relations. These models estimated the relations between different macroeconomic variables using regression analysis on time series data. These models grew to include hundreds or thousands of equations describing the evolution of hundreds or thousands of prices and quantities over time, making computers essential for their solution. While the choice of which variables to include in each equation was partly guided by economic theory (for example, including past income as a determinant of consumption, as suggested by the theory of adaptive expectations), variable inclusion was mostly determined on purely empirical grounds. Large-scale macroeconometric model consists of systems of dynamic equations of the economy with the estimation of parameters using time-series data on a quarterly to yearly basis.Macroeconometric models have a supply and a demand side for estimation of these parameters. Kydland and Prescott call it the system of equations approach. Large-scale macroeconometric model can be defined as a set of stochastic equations with definitional and institutional relationships denoting the behaviour of economic agents. The supply side determines the steady state properties of the macroeconometric model. The macroeconometric model designed by the model builder is significantly influenced by his interests, information, purpose behind its construction, time and financial constraints in the research. The size and nature of the model will change because of the above considerations while building the same. According to Pesaran and Smith the macroeconometric model must have three basic characteristics viz. relevance, adequacy and consistency. Relevance means the model must be according to the requirements of the desired output. Consistency will expect the model to be inline with the existing theory and inner working of the described system. Adequacy explains the model to be better in terms of its predictive performance. The main objective of the model decides its size. In the current scenario there is an increasing interest in the use of these large-scale macroeonometric models for theory evaluation, impact analysis, policy simulation and forecasting purposes.Large-scale macroeconometric models were criticized by Robert Lucas in his critique. Lucas argued that models should be based on theory, not on empirical correlations. He said that empirical correlations were sensitive to policy changes, and only a model based on theory could account for shifting policy environments. Lucas and other new classical economists were especially critical of the use of large-scale macroeconometric models to evaluate policy impacts when they were purportedly sensitive to policy changes.Tinbergen developed the first comprehensive national model, which he first built for the Netherlands and later applied to the United States and the United Kingdom after World War II. The first global macroeconomic model, Wharton Econometric Forecasting Associates' LINK project, was initiated by Lawrence Klein. The model was cited in 1980 when Klein, like Tinbergen before him, won the Nobel Prize in Economics. Large-scale empirical models of this type, including the Wharton model, are still in use as of 2011, especially for forecasting purposes.".
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- Large-scale_macroeconometric_model wikiPageWikiLink Adaptive_expectations.
- Large-scale_macroeconometric_model wikiPageWikiLink Applied_economics.
- Large-scale_macroeconometric_model wikiPageWikiLink Category:Economics_models.
- Large-scale_macroeconometric_model wikiPageWikiLink Category:Macroeconomic_forecasting.
- Large-scale_macroeconometric_model wikiPageWikiLink Category:Macroeconomics.
- Large-scale_macroeconometric_model wikiPageWikiLink Computational_economics.
- Large-scale_macroeconometric_model wikiPageWikiLink Consensus_forecast.
- Large-scale_macroeconometric_model wikiPageWikiLink Dynamic_stochastic_general_equilibrium.
- Large-scale_macroeconometric_model wikiPageWikiLink Edward_C._Prescott.
- Large-scale_macroeconometric_model wikiPageWikiLink Empirical.
- Large-scale_macroeconometric_model wikiPageWikiLink Empirical_evidence.
- Large-scale_macroeconometric_model wikiPageWikiLink Finn_E._Kydland.
- Large-scale_macroeconometric_model wikiPageWikiLink Jan_Tinbergen.
- Large-scale_macroeconometric_model wikiPageWikiLink Keynesian_economics.
- Large-scale_macroeconometric_model wikiPageWikiLink Lawrence_Klein.
- Large-scale_macroeconometric_model wikiPageWikiLink Lucas_critique.
- Large-scale_macroeconometric_model wikiPageWikiLink M._Hashem_Pesaran.
- Large-scale_macroeconometric_model wikiPageWikiLink Macroeconomic_model.
- Large-scale_macroeconometric_model wikiPageWikiLink Mohammad_Hashem_Pesaran.
- Large-scale_macroeconometric_model wikiPageWikiLink National_Income_and_Product_Accounts.
- Large-scale_macroeconometric_model wikiPageWikiLink National_income_and_product_accounts.
- Large-scale_macroeconometric_model wikiPageWikiLink Netherlands.
- Large-scale_macroeconometric_model wikiPageWikiLink New_classical_macroeconomics.
- Large-scale_macroeconometric_model wikiPageWikiLink Nobel_Memorial_Prize_in_Economic_Sciences.
- Large-scale_macroeconometric_model wikiPageWikiLink Nobel_Prize_in_Economics.
- Large-scale_macroeconometric_model wikiPageWikiLink Project_LINK.
- Large-scale_macroeconometric_model wikiPageWikiLink Regression_analysis.
- Large-scale_macroeconometric_model wikiPageWikiLink Robert_Lucas,_Jr..
- Large-scale_macroeconometric_model wikiPageWikiLink Ronald_Patrick_Smith.
- Large-scale_macroeconometric_model wikiPageWikiLink Theory.
- Large-scale_macroeconometric_model wikiPageWikiLink Time_series.
- Large-scale_macroeconometric_model wikiPageWikiLink United_Kingdom.
- Large-scale_macroeconometric_model wikiPageWikiLink United_States.
- Large-scale_macroeconometric_model wikiPageWikiLink Wharton_Econometric_Forecasting_Associates.
- Large-scale_macroeconometric_model wikiPageWikiLink World_War_II.
- Large-scale_macroeconometric_model wikiPageWikiLinkText "Large-scale macroeconometric model".
- Large-scale_macroeconometric_model wikiPageWikiLinkText "Large-scale network".
- Large-scale_macroeconometric_model wikiPageWikiLinkText "large-scale Keynesian models".
- Large-scale_macroeconometric_model wikiPageWikiLinkText "large-scale macroeconometric model".
- Large-scale_macroeconometric_model wikiPageWikiLinkText "macroeconometric model".
- Large-scale_macroeconometric_model wikiPageWikiLinkText "traditional macroeconometric forecasting models".
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- Large-scale_macroeconometric_model subject Category:Economics_models.
- Large-scale_macroeconometric_model subject Category:Macroeconomic_forecasting.
- Large-scale_macroeconometric_model subject Category:Macroeconomics.
- Large-scale_macroeconometric_model type Article.
- Large-scale_macroeconometric_model type Model.
- Large-scale_macroeconometric_model type Article.
- Large-scale_macroeconometric_model type Model.
- Large-scale_macroeconometric_model comment "Following the development of Keynesian economics, applied economics began developing forecasting models based on economic data including national income and product accounting data. In contrast with typical textbook models, these large-scale macroeconometric models used large amounts of data and based forecasts on past correlations instead of theoretical relations. These models estimated the relations between different macroeconomic variables using regression analysis on time series data.".
- Large-scale_macroeconometric_model label "Large-scale macroeconometric model".
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- Large-scale_macroeconometric_model sameAs Q6489011.
- Large-scale_macroeconometric_model sameAs Q6489011.
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- Large-scale_macroeconometric_model isPrimaryTopicOf Large-scale_macroeconometric_model.