Chapter

Comparisons of Macroeconometric Models of Developing Economies

Adams F. Gerard and Joaquin Vial

in Comparative Performance of U.S. Econometric Models

Published in print June 1991 | ISBN: 9780195057720
Published online October 2011 | e-ISBN: 9780199854967 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780195057720.003.0010
Comparisons of Macroeconometric Models of Developing Economies

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Comparisons of the performance of econometric models serve a number of purposes. These goals motivate the comparisons of econometric models of less developed countries (LDCs) as they have previous model comparison projects dealing with the United States and other industrial countries. The most important goal of the round of LDC model performance comparisons presented in Taiwan in May of 1987 was to get a first idea of the general characteristics of these models and a preliminary diagnostic of their principal strengths and weaknesses. A request to produce a standard set of simulations was sent to a dozen model groups in different countries. The simulations were defined carefully, restricting as much as possible the freedom of individual model builders so as to attain maximum comparability of results. Even so, since model structures and procedures differ, it is not certain that all the simulations are fully comparable.

Keywords: econometric models; model comparison; simulations; model structures

Chapter.  8095 words. 

Subjects: Econometrics and Mathematical Economics

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