Structural Macro-Econometric Modelling in a Policy Environment

Adrian R. Pagan, Martin Fukac
2010 Social Science Research Network  
In this paper we review the evolution of macroeconomic modelling in a policy environment that took place over the past sixty years. We identify and characterise four generations of macro models. Particular attention is paid to the fourth generation --dynamic stochastic general equilibrium models. We discuss some of the problems in how these models are implemented and quantified.
doi:10.2139/ssrn.1553948 fatcat:nq3x5aibv5f3rnoizacgeifd34