Anthony Garratt, Kevin Lee, M. Hashem Pesaran and Yongcheol Shin

in Global and National Macroeconometric Modelling

Published in print August 2006 | ISBN: 9780199296859
Published online September 2006 | e-ISBN: 9780191603853 | DOI:

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This chapter introduces the long-run structural approach to modelling. It makes brief comparisons with the key alternative approaches, namely large-scale simultaneous equation models, unrestricted and structural VARs, dynamic stochastic general equilibrium models, and New Keynesian models. The strengths of the long-run structural modelling approach are summarized and the organization of the book is described.

Keywords: long-run structural models; large-scale simultaneous equation models; unrestricted VAR; structural VAR; dynamic stochastic general equilibrium models; DSGE; New Keynesian models

Chapter.  4094 words. 

Subjects: Econometrics and Mathematical Economics

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