Macroeconomic Models and Econometrics

Author(s):  
T. Kloek ◽  
F.C. Palm ◽  
J. Kmenta
Keyword(s):  
2013 ◽  
pp. 98-110
Author(s):  
M. Likhachev

Behavioral models are considered in the paper as the link between the description of the institutional structure of the economic system and the formation of macro-aggregates, reflecting the results of its operations. The degree of homogeneity of the private sector’s economic environment and complementary goals of private entities and government regulation are noted as basic characteristics of behavioral models. The author examines the differences in the estimates of these characteristics as one of the most important factors underpinning the architecture of modern macroeconomic models and their practical implications.


Author(s):  
Stefan Homburg

Chapter 6 examines real estate as a neglected feature of actual economies. It begins with an empirical overview demonstrating the preeminent role of land as a part of nonfinancial wealth. Whereas many macroeconomic models represent nonfinancial wealth by a symbol K that is interpreted as machines and equipment (if not robots), the text makes clear that such items are of minor quantitative importance. In contemporary economies, nonfinancial wealth consists chiefly of real estate. This is the proper reason so many analysts conjecture a link between house prices and the Great Recession. Changes in house prices (primarily changes in land prices) operate on the economy through their influence on nonfinancial wealth. Nonfinancial wealth affects consumption directly and investment indirectly since it relaxes or tightens borrowing constraints. Building on the results obtained in previous chapters, the text studies housing manias and leverage cycles and relates its main findings to US data.


1987 ◽  
Vol 4 (1) ◽  
pp. 19-64 ◽  
Author(s):  
Bill Easton ◽  
Kerry Patterson

2017 ◽  
Vol 15 (2) ◽  
pp. 503-504
Author(s):  
Dara Z. Strolovitch

“Critical analyses of the global financial crisis of 2008 (GFC) have neglected the ways in which structural inequalities around gender and race factor into (and indeed make possible) the current economic order. Scandalous Economics breaks new ground by arguing that an explicitly gendered approach to the GFC and its ongoing effects can help us to understand both the root causes of the crisis and the failure to significantly reform financial institutions and macroeconomic models.” These words, from the blurb on the back cover of Scandalous Economics, nicely summarize the book’s topic and the general approach to it. Because the book contains contributions from a number of the top political scientists writing about the gendering of political economy, and because this topic is such an important one, we have invited a range of political scientists to comment on the book and on the broader theme of the gendering of political economy.


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