New Econometric Techniques for Marcoeconomic Policy Evaluation / John B. Taylor.

By:

Taylor, John B

Contributor(s):

National Bureau of Economic Research

Material type: Text

TextSeries: Technical Working Paper Series (National Bureau of Economic Research) ; no. t0042.Publication details: Cambridge, Mass. National Bureau of Economic Research 1984.Description: 1 online resource: illustrations (black and white)Subject(s):

Online resources:

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Hardcopy version available to institutional subscribers

Abstract: This paper is an expository review of recently developed techniques that are designed to evaluate macroeconomic policy using econometric models ; The exposition focuses on dynamic stochastic models with rational expectations and with discrete time. The method of undetermined coefficients is used to calculate the effects of anticipated, unanticipated, permanent, and temporary policy shocks; the same method is also used to calculate the effect of alternative policy rules on the stochastic equilibrium. This method provides a convenient unifying framework for comparing alternative solution methods for models with rational expectations. Estimation, testing and identification techniques are reviewed as well as recent methods for solving large nonlinear models.

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Item type	Home library	Collection	Call number	Status	Date due	Barcode	Item holds
Working Paper	Biblioteca Digital	Colección NBER	nber t0042 (Browse shelf(Opens below))	Not For Loan

Total holds: 0

November 1984.

This paper is an expository review of recently developed techniques that are designed to evaluate macroeconomic policy using econometric models ; The exposition focuses on dynamic stochastic models with rational expectations and with discrete time. The method of undetermined coefficients is used to calculate the effects of anticipated, unanticipated, permanent, and temporary policy shocks; the same method is also used to calculate the effect of alternative policy rules on the stochastic equilibrium. This method provides a convenient unifying framework for comparing alternative solution methods for models with rational expectations. Estimation, testing and identification techniques are reviewed as well as recent methods for solving large nonlinear models.