Abstract
This chapter summarizes the findings of the model’s major models: consumption, investment exports, the prime interest rate, and government spending; notes Cowles models outperformed DSGE and VARs, and notes that while the model finds fiscal stimulus completely offset by measurable crowd out, monetary policy (changing the money supply) did seem to have an effects, but only had a small effect, on the real economy. A hypothesis is offered in the chapter as to why.
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Fernandez-Villaverde, J. (2010). “The Econometrics of DSGE Models”. Journal of the Spanish Economics Association, SERIEs 1(3–49), 6.
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Heim, J.J. (2017). Summary and Conclusions (Production Side of the NIPA Accounts). In: An Econometric Model of the US Economy. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-50681-4_19
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DOI: https://doi.org/10.1007/978-3-319-50681-4_19
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Publisher Name: Palgrave Macmillan, Cham
Print ISBN: 978-3-319-50680-7
Online ISBN: 978-3-319-50681-4
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