By Iain Begg, Brian Henry
This ebook encompasses a selection of especially commissioned papers within which prime economists discover the position of utilized economics in informing public coverage. The contributions conceal macroeconomic modeling, using corporation facts to evaluate fiscal functionality, innovations for information collecting and coverage research. The booklet covers quite a few study tools and indicates how those were utilized in perform to clarify monetary difficulties. utilized economics is either an paintings and a technology, and this ebook demonstrates why.
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Additional info for Applied Economics and Public Policy (Department of Applied Economics Occasional Papers)
This was apparent in the estimation of the equations of E3ME, and industrial and other sectoral responses have been allowed to vary across regions, but formal tests have not yet been done to reject such homogeneity. 5 Model size and software problems Estimation and solution There is a cost in constructing large-scale models in that the software for estimating and solving the models is not as advanced as in the case of small models. E3ME has to be estimated using one software package (MREG: Peterson, 1995) and solved using another (IDIOM: Cambridge Econometrics, 1995).
The world is complex and changes very often in ways which it is impossible to anticipate, and so no serious macroeconomist would sit back and regard an estimated model as 'finished'. Important and fundamental methodological and modelling issues are, however, provoked by these matters. One is the dual role of these models: they are meant both to represent a complete macro-structure, and to provide useful forecasts. But structures change, sometimes abruptly, and Introduction 9 this raised more profound questions about the role of economic theory in models, and the use of models in testing theories.
CGE models have clear links with the existence theorems in general equilibrium theory and in the computation of general fixed point solutions first introduced by Scarf (1967). RBC models also emphasise neoclassical intertemporal optimising behaviour as the basis on which to account for both growth and business cycles in developed economies. Some have argued that a closer adherence to clear micro-theoretical underpinning is the future for macro-modelling (see Wickens, 1995). There are obviously very important issues raised by these contrasting approaches, involving diverse views on such matters as the efficiency and completeness of markets, expectations formation, and the significance of adjustment costs and inertia.