1. PREDICTIVE ABILITY AND DYNAMIC MULTIPLIER PROPERTIES OF ALTERNATIVE TREATMENTS OF THE MONETARY MECHANISM.
- Author
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SHIN JO, KOJI
- Subjects
ECONOMETRIC models ,GROSS national product ,MACROECONOMICS ,MATHEMATICAL models ,EVALUATION - Abstract
The purpose of this paper is to make a detailed comparison of three macroeconometric models of the U.S. economy with regard to their predictive ability and policy multiplier properties. Three models are the St. Louis Model, the Wharton Model and the M.P.S. Model. These models are constructed with different emphasis on the treatment of the monetary phenomena, depending upon the philosophy of the model builder. They may respectively be called a monetarist model, a Keynesian-type income-expenditure model, and a structural model which emphasizes the monetary structure for the stabilization policy analysis. The structure of each model is not discussed in this paper but only a brief sketch of their special features is given in the next section. The predictive performance and the policy multiplier analysis are discussed in the 3rd and 4th sections, followed by some concluding remarks. [ABSTRACT FROM AUTHOR]
- Published
- 1972
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