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What is Modern Macroeconometric Modelling Guide about?

This document provides an overview of miniature macroeconomic models. It discusses how these models aim to balance theoretical coherence with empirical coherence. Miniature theoretical (Mini-T) models are analyzed and compared to base models that aim to fit data better while retaining theoretical clarity. The document outlines the solution process for Mini-T models, which involves linearization and treating shocks as following a VAR(1) process. This allows the model to be expressed as a VAR system or ARMA s

Author

chet_dutts

Language

EN