ISSN:0950-0804    

DOI:10.1111/j.1467-6419.1991.tb00125.x

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

Abstract.The use of CGE models has gained much popularity among policy analysts in LDCs and there is a fast growing body of literature on this area of economics. In this survey, the advantages of general equilibrium approach over partial equilibrium approach in analysing a wide range of policy issues are highlighted. The evolution of CGE modelling is discussed and more than 60 CGE applications related to different policy issues in LDCs are surveyed. This comprehensive survey shows that the CGE models have become quite popular analytical tools among policy analysts in LDCs over the last decade or so. The debate in the economic profession regarding the value and appropriateness of using CGE models for policy analysis is examined in the final section of this paper. Some of the criticisms levelled at CGE models are discussed and it is argued that despite this criticism such models are capable of providing insight into important policy problems.

ISSN:0950-0804    

DOI:10.1111/j.1467-6419.1991.tb00126.x

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

Abstract.This paper identifies four principal econometric approaches to the estimation and testing of asset market models of exchange rate determination: the traditional, static reduced‐form approach; the error correction and co‐integration, dynamic reduced‐form approaches; the simultaneous equations approach; and large scale, multi‐equation macroeconometric simulation models. Each of these econometric approaches is evaluated with respect to its theoretical validity and the comparative properties of the empirical results obtained. This leads to the conclusion that although there may be little to choose between the different theoretical exchange rate models, there may be grounds for favouring a multi‐equation, simultaneous estimation procedure for this class

ISSN:0950-0804    

DOI:10.1111/j.1467-6419.1991.tb00127.x

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

Abstract.Error Correction Models (ECMs) have proved a popular organising principle in applied econometrics, despite the lack of consensus as to exactly what constitutes their defining characteristic, and the rather limited role that has been given to economic theory by their proponents. This paper uses a historical survey of the evolution of ECMs to explain the alternative specifications and interpretations and proceeds to examine their implications for estimation. The various approaches are illustrated for wage equations by application to UK labour market data 1855–1987. We demonstrate that error correction models impose strong and testable non‐linear restrictions on dynamic econometric equations, and that they do not obviate the need for modelling the process of expectations formation. With the exception of a few special cases, both the non‐linear restrictions and the modelling of expectations have been ignored by those who have treated ECMs as merely reparameterisations of dynamic linear regression models or vector autoregres

ISSN:0950-0804    

DOI:10.1111/j.1467-6419.1991.tb00128.x

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY