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Comparative Properties of Models of the Uk Economy
Published online by Cambridge University Press: 26 March 2020
Extract
This paper describes the overall properties of six major macroeconomic models, through dynamic multiplier analysis of a number of standard simulation exercises. The models are those of the London Business School (LBS), the National Institute of Economic and Social Research (NIESR), HM Treasury (HMT), the Bank of England (BE), the City University Business School (CUBS) and the Liverpool University Research Group in Macroeconomics (LPL), as deposited with the ESRC Macroeconomic Modelling Bureau in late 1987. The simulations demonstrate the response of the models to changes in key policy instruments and to exogenous shocks; they are conducted, as far as possible, in a consistent manner across the models.
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- Copyright © 1988 National Institute of Economic and Social Research
Footnotes
This is the fifth in an annual series of studies undertaken by the Bureau (see Wallis etal., 1984-7). Editoriai responsibility is taken by the authors, not by the Editorial Board of the Review.
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