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Comparative Properties of Models of the Uk Economy

Published online by Cambridge University Press:  26 March 2020

P.G. Fisher ,
S.K. Tanna ,
D.S. Turner ,
K.F. Wallis  and
J.D. Whitley
P.G. Fisher
Affiliation:
ESRC Macroeconomic Modelling Bureau at the University of Warwick
S.K. Tanna
Affiliation:
ESRC Macroeconomic Modelling Bureau at the University of Warwick
D.S. Turner
Affiliation:
ESRC Macroeconomic Modelling Bureau at the University of Warwick
K.F. Wallis
Affiliation:
ESRC Macroeconomic Modelling Bureau at the University of Warwick
J.D. Whitley
Affiliation:
ESRC Macroeconomic Modelling Bureau at the University of Warwick
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Abstract

This paper describes the properties of five major macroeconometric models of the UK economy, through analysis of six standard policy simulations. The simulations are conducted, as far as possible, in a consistent manner across the models. The models were deposited with the ESRC Macroeconomic Modelling in late 1988 and this paper follows comparative analysis of previous model vintages in this Review and in earlier Bureau publications. The paper highlights differences between the models that emerge from the treatment of exchange rates, imports, consumption and price adjustment. Recent changes to the models are shown to have increased simulation differences between them.

Type
Articles
Information
National Institute Economic Review , Volume 129 , August 1989 , pp. 69 - 87
Copyright
Copyright © 1989 National Institute of Economic and Social Research

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Footnotes

A PC-program which uses many of the results described in this paper in ready-reckoner form is available from the Bureau to academic institutions at a small charge. Editorial responsibility is taken by the authors, not by the Editorial Board of the Review.

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