The econometrics of macroeconomic modelling
This book is about building models by testing hypotheses of macroeconomic theories–rather than by imposing theories untested. This is quite a crucial distinction in macroeconometric model building. For an empirical model to be useful, be it as a basis for economic policy decisions or for forecast...
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| Ngôn ngữ: | English |
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Oxford University Press
2012
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| Truy cập trực tuyến: | http://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/30536 |
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oai:scholar.dlu.edu.vn:DLU123456789-305362012-04-30T22:34:23Z The econometrics of macroeconomic modelling Eitrheim, O. Jansen, E.S. Nymoen, R. This book is about building models by testing hypotheses of macroeconomic theories–rather than by imposing theories untested. This is quite a crucial distinction in macroeconometric model building. For an empirical model to be useful, be it as a basis for economic policy decisions or for forecasting, it needs to describe the relevant aspects of reality. Simplification is the main virtue of theoretical model building. In empirical modelling it might easily become a vice. A theoretical model is often reduced to just those equations that are required to make it work for the problem at hand. A good empirical model should also be able to explain problems that might occur. Einstein’s advice that ‘everything should be as simple as possible . . . but no simpler’ is as relevant as ever. If a model does not describe the data, it may just be too simple to be used as a tool for macroeconomic decision making. 2012-04-26T02:34:47Z 2012-04-26T02:34:47Z 2005 Book 0-19-924649-1 http://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/30536 en application/pdf Oxford University Press |
| institution |
Thư viện Trường Đại học Đà Lạt |
| collection |
Thư viện số |
| language |
English |
| description |
This book is about building models by testing hypotheses of macroeconomic
theories–rather than by imposing theories untested. This is quite a crucial
distinction in macroeconometric model building. For an empirical model to be
useful, be it as a basis for economic policy decisions or for forecasting, it needs
to describe the relevant aspects of reality. Simplification is the main virtue
of theoretical model building. In empirical modelling it might easily become
a vice. A theoretical model is often reduced to just those equations that are
required to make it work for the problem at hand. A good empirical model
should also be able to explain problems that might occur. Einstein’s advice that
‘everything should be as simple as possible . . . but no simpler’ is as relevant as
ever. If a model does not describe the data, it may just be too simple to be
used as a tool for macroeconomic decision making. |
| format |
Book |
| author |
Eitrheim, O. Jansen, E.S. Nymoen, R. |
| spellingShingle |
Eitrheim, O. Jansen, E.S. Nymoen, R. The econometrics of macroeconomic modelling |
| author_facet |
Eitrheim, O. Jansen, E.S. Nymoen, R. |
| author_sort |
Eitrheim, O. |
| title |
The econometrics of macroeconomic modelling |
| title_short |
The econometrics of macroeconomic modelling |
| title_full |
The econometrics of macroeconomic modelling |
| title_fullStr |
The econometrics of macroeconomic modelling |
| title_full_unstemmed |
The econometrics of macroeconomic modelling |
| title_sort |
econometrics of macroeconomic modelling |
| publisher |
Oxford University Press |
| publishDate |
2012 |
| url |
http://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/30536 |
| _version_ |
1757671180470321152 |