Difference between revisions of "Macro-econometric models"
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==Examples of EU funded macro-econometric models:== | ==Examples of EU funded macro-econometric models:== | ||
− | [http://en.opasnet.org/w/E3MG E3MG] | + | *[http://en.opasnet.org/w/E3MG E3MG] |
− | [http://en.opasnet.org/w/E3ME E3ME] | + | *[http://en.opasnet.org/w/E3ME E3ME] |
− | [http://en.opasnet.org/w/NEMESIS NEMESIS] | + | *[http://en.opasnet.org/w/NEMESIS NEMESIS] |
− | [http://en.opasnet.org/w/Quest_II Quest II]<ref name="macro"/> | + | *[http://en.opasnet.org/w/Quest_II Quest II]<ref name="macro"/> |
==References== | ==References== | ||
<references/> | <references/> |
Latest revision as of 11:45, 29 June 2009
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These models are empirical and are therefore developed using coherent datasets. The parameters of the equations are estimated with econometric methods. They are fundamentally designed to evaluate macro-sectoral impacts of economic policies, although they have been extended to incorporate environmental dimensions.
The strength of macro-economic models relies on the validation of the equations of the model with statistical methods and on the model's ability to provide short-medium term forecasting and to evaluate the impact of policies. Moreover, these models ensure a coherent framework for analysing inter-linkages between variables. The weakness of such models is their difficulty to catch longer run phenomena, since the equations on which they are based are linked to a given time framework. Besides, due to the extensive need of data the degree of sectoral disaggregation is usually smaller than in calibrated CGE models. Frequently, behavioural assumptions do not rely on microeconomic theory.[1]