An econometric model of the US economy : structural analysis in 56 equations / John J. Heim.
Heim, John J., author.
2017
HC103
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Title An econometric model of the US economy : structural analysis in 56 equations / John J. Heim.
Author Heim, John J., author.
ISBN 9783319506814 (electronic book)
3319506811 (electronic book)
9783319506807
3319506803
Published Cham, Switzerland : Palgrave Macmillan, [2017].
Copyright ©2017
Language English
Description 1 online resource (xxx, 460 pages) : illustrations
Call Number HC103
Dewey Decimal Classification 330.973
Summary This book explores the US economy from 1960 to 2010 using a more Keynsian, Cowles model approach, which the author argues has substantial advantages over the vector autoregression (VAR) and dynamic stochastic general equilibrium (DSGE) models used almost exclusively today. Heim presents a robust argument in favor of the Cowles model as an answer to the pressing, unresolved methodological question of how to accurately model the macroeconomy so that policymakers can reliably use these models to assist their decision making. Thirty-eight behavioral equations, describing determinants of variables such as consumption, taxes, and government spending, are connected by eighteen identities to construct a comprehensive model of the real US economy that Heim then tests across four different time periods to ensure that results are consistent. This comprehensive demonstration of the value of a long-ignored model provides overwhelming evidence that the more Keynesian (Cowles) structural models outperform VAR and DSGE, and therefore should be the models of choice in future macroeconomic studies.-- Provided by publisher.
Bibliography, etc. Note Includes bibliographical references and index.
Access Note Access limited to authorized users.
Source of Description Vendor-supplied metadata.
Available in Other Form Econometric model of the US economy : structural analysis in 56 equations.
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1. Introduction to Part 1 (Production of the GDP)
2. Methodology
3. Literature Review
4. The Consumption Models
5. Models Indicating Determinants of Investment Spending and Borrowing
6. The Exports Demand Equation
7. Statistically Estimated Real GDP Determination Functions ("IS" Curves)
8. Real GDP Determination Functions ("IS" Curves) Aggregated from Estimates Obtained by Statistically Estimating the Subcomponent Functions Comprising the GDP
9. Determinants of the Prime Interest Rate: Taylor Rule Method
10. Determinants of the Prime Interest Rate: LM Curve Method
11. Determinants of Inflation: The Phillips Curve Model
12. Determinants of Unemployment
13. The Savings Functions
14. Determinants of Government Receipts
15. Edogeneity of Government Spending
16. Capacity of the Model to Explain Behavior of the Macroeconomy in the Years beyond the Period Used to Estimate the Model
17. Converting the Older Keynsian IS-LM Model to the More Modern AS-AD Interpretation of the Kenysian Model
18. Dynamics
19. Summary and Conclusions (Production Side of the NIPA Accounts)
20. Part II: Determinants of Factor Shares (Income Side of the NIPA Accounts).

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