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Description - Specification, Estimation, and Analysis of Macroeconomic Models by Ray C. Fair

This book gives a practical, applications-oriented account of the latest techniques for estimating and analyzing large, nonlinear macroeconomic models. Ray Fair demonstrates the application of these techniques in a detailed presentation of several actual models, including his United States model, his multicountry model, Sargent's classical macroeconomic model, autoregressive and vector autoregressive models, and a small (twelve equation) linear structural model. He devotes a good deal of attention to the difficult and often neglected problem of moving from theoretical to econometric models. In addition, he provides an extensive discussion of optimal control techniques and methods for estimating and analyzing rational expectations models.A computer program that handles all the techniques in the book is available from the author, making it possible to use the techniques with little additional programming. The book presents the logic of this program. A smaller program for personal microcomputers for analysis of Fair's United States model is available from Urban Systems Research & Engineering, Inc. Anyone wanting to learn how to use large macroeconomic models, including researchers, graduate students, economic forecasters, and people in business and government both in the United States and abroad, will find this an essential guidebook.

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Book Details

ISBN: 9780674831803
ISBN-10: 0674831802
Format: Hardback
(240mm x 160mm x 44mm)
Pages: 496
Imprint: Harvard University Press
Publisher: Harvard University Press
Publish Date: 1-Jul-1984
Country of Publication: United States

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Author Biography - Ray C. Fair

Ray C. Fair is Professor of Economics, Yale University.

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