Policy Evaluation

  • D. W. Challen
  • A. J. Hagger


In the two previous chapters we have dealt with what are probably the oldest and most important applications of KK systems — forecasting and counter-factual analysis. In this chapter we turn to a third application — one which has developed rapidly in the last ten years and which seems to have great potential for further development. We refer to policy evaluation.


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References and further reading

  1. Chow, G. C. (1978) ‘Evaluation of Macroeconomic Policies by Stochastic Control Techniques’, International Economic Review, vol. 19, pp. 311–19.CrossRefGoogle Scholar
  2. Chow, G. C. (1981) Econometric Analysis by Control Methods, Wiley, New York.Google Scholar
  3. Cooper, J. P. and Fischer, S. (1972a) ‘Simulation of Monetary Rules in the FRB-MIT-Penn Model’, Journal of Money, Credit and Banking, vol. 4, pp. 384–96.CrossRefGoogle Scholar
  4. Cooper, J. P. and Fischer, S. (1972b) ‘Stochastic Simulation of Monetary Rules in Two Macroeconometric Models’, Journal of the American Statistical Association, vol. 67, pp. 750–60.Google Scholar
  5. Craine, R. A., Havenner, A. and Berry, J. (1978) ‘Fixed Rules vs Activism in the Conduct of Monetary Policy’, American Economic Review, vol. 68, pp. 769–83.Google Scholar
  6. Hirsch, A., Hymans, H. and Shapiro, H. T. (1978) ‘Econometric Review of Alternative Fiscal and Monetary Policies, 1971–75’, Review of Economics and Statistics, vol. 60, pp. 334–45.Google Scholar
  7. Hymans, S. H. and Shapiro, H. T. (1974) ‘The Structure and Properties of the Michigan Quarterly Econometric Model of the US Economy’, International Economic Review, vol. 15, pp. 632–53.CrossRefGoogle Scholar
  8. Perry, G. L. (1975) ‘Policy Alternatives for 1974’, Brookings Papers on Economic Activity, no. 1, pp. 222–35.Google Scholar
  9. Spencer, G. H. and Grimes, A. (1980) ‘On the Stability of Alternative Policy Rules within a Model of the New Zealand Economy’, in G. H. Spencer (ed.), Experiments with a Core Model of the New Zealand Economy, Research Paper No. 29, Reserve Bank of New Zealand, Wellington.Google Scholar

Copyright information

© D.W. Challen and A.J. Hagger 1983

Authors and Affiliations

  • D. W. Challen
  • A. J. Hagger

There are no affiliations available

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