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Macroeconometric Models—The Classification

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Macroeconometric Models

Part of the book series: Advanced Studies in Theoretical and Applied Econometrics ((ASTA,volume 47))

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Abstract

Classifications applied in macroeconometric models are based on the SNA principles. The mainstream models distinguish the real and financial processes. The classifications with prevailing macroeconomic criteria distinguish: household, enterprise sectors, public institution and foreign sector. Market classification, are also used. Models are either one-sectoral or multisectoral.

Alternative economic mechanisms are distinguished. Models are treated as demand or supply determined. The may represented equilibrium or more often disequilibria.

A stylized structure of macroeconometric models is presented for the initial demand driven systems and for the last developments, taking into account the microeconomic foundations.

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Notes

  1. 1.

    A detailed description of national accounting systems and the SAM matrix is provided in Tomaszewicz (1994) and Zienkowski (2001). Cf. also Klein et al. (1999).

  2. 2.

    Cf. Klein and Welfe (1982) and Klein et al. (1999).

  3. 3.

    Cf. Ginsburgh and Keyzer (1997) and for Poland Okólski and Timofiejuk (1978), Orłowski (1992), Żółkiewski (1995).

  4. 4.

    Cf. Whitley (1994) and Klein et al. (1999), where the description of the Project LINK world economy model can be found.

  5. 5.

    Cf. Klein et al. (1999) and Whitley (1994).

  6. 6.

    An analogous schema for the early 1990s can be found in Whitley (1994, p. 51).

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  1. Institute of Econometrics, University of Łódź, Rewolucji 1905 r. 41, Łódź, 90-214, Poland

    Władysław Welfe

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Welfe, W. (2013). Macroeconometric Models—The Classification. In: Macroeconometric Models. Advanced Studies in Theoretical and Applied Econometrics, vol 47. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-34468-8_15

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