Econometric and stochastic general equilibrium models for evaluation of economic policies. (1st April 2011)

• Record Type: Journal Article
• Authors: Bhattarai, Keshab
• Is Part Of: International journal of trade and global markets. Volume 4:Number 2(2011)
• Page Start: 212
• Page End: 241
• Publication Date: 2011-04-01
• Subjects: economic growth -- fiscal policies -- dynamic models -- forecasting -- econometric models -- stochastic models -- general equilibrium models -- economic policies -- policy evaluation -- comparative analysis -- economic structures -- economic forecasts -- vector autoregression -- VAR -- simultaneous equations -- autoregressive models -- quarterly series -- UK -- United Kingdom -- macroeconomic impacts -- public policies -- econometric estimates -- time series -- macro variables -- ratio calibration -- variances -- covariance -- correlations -- globalisation -- trade -- global markets -- global economy -- policy analysis; International trade -- Periodicals; Globalization -- Economic aspects -- Periodicals; 382.05
• Languages: English
• ISSNs: 1742-7541

Abstract

Comparative analysis of economic structure and forecasts generated from simultaneous equation, VAR and autoregressive models based on quarterly series from 1966:1 to 2007:3 of UK to those from the stochastic general equilibrium models has provided insights into objective and subjective evaluation of macro economic impacts of public policies. Econometric estimates are used in formulation of stochastic dynamic general equilibrium models to generate time series of macro variables from stochastic general equilibrium models. Calibrating to ratios, variances, covariance and correlations econometric analyses and general equilibrium models are integrated and shown to be complementary not competitive techniques.