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Inside a Modern Macroeconometric Model

A Guide to the Murphy Model

  • Book
  • © 1995

Overview

Authors:
  1. Alan A. Powell

    1. Impact Research Centre, Monash University, Clayton, Australia

    View author publications

    You can also search for this author in PubMed   Google Scholar

  2. Christopher W. Murphy

    1. ECONTECH, Kingston, Australia

    View author publications

    You can also search for this author in PubMed   Google Scholar

Part of the book series: Lecture Notes in Economics and Mathematical Systems (LNE, volume 428)

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Table of contents (27 chapters)

  1. Front Matter

    Pages i-xviii
    Download chapter PDF

  2. Setting the Scene

    1. How to Use this Book

      • Alan A. Powell, Christopher W. Murphy
      Pages 1-4

    2. Distinguishing Features of MM

      • Alan A. Powell, Christopher W. Murphy
      Pages 5-13

    3. Principal Mechanisms in MM

      • Alan A. Powell, Christopher W. Murphy
      Pages 15-78

  3. Structural Form of MM

    1. Overview of Part Two

      • Alan A. Powell, Christopher W. Murphy
      Pages 79-92

    2. Wage Behaviour

      • Alan A. Powell, Christopher W. Murphy
      Pages 93-107

    3. Labour Force Participation

      • Alan A. Powell, Christopher W. Murphy
      Pages 109-116

    4. Private Consumption Behaviour

      • Alan A. Powell, Christopher W. Murphy
      Pages 117-122

    5. Behaviour of the Rental Price of Housing

      • Alan A. Powell, Christopher W. Murphy
      Pages 123-133

    6. Production of Housing Rental Services and Investment in Dwellings

      • Alan A. Powell, Christopher W. Murphy
      Pages 135-148

    7. The Enterprise Production Block of the Business Sector

      • Alan A. Powell, Christopher W. Murphy
      Pages 149-174

    8. Business Fixed Investment

      • Alan A. Powell, Christopher W. Murphy
      Pages 175-184

    9. Business Sector Employment

      • Alan A. Powell, Christopher W. Murphy
      Pages 185-188

    10. Import Supply and Demand

      • Alan A. Powell, Christopher W. Murphy
      Pages 189-196

    11. Aggregate Export Supply

      • Alan A. Powell, Christopher W. Murphy
      Pages 197-198

    12. Disaggregation of Export Supply

      • Alan A. Powell, Christopher W. Murphy
      Pages 199-202

    13. Overseas Demand for ‘Commodity’ Exports

      • Alan A. Powell, Christopher W. Murphy
      Pages 203-205

    14. Inventory Investment in ‘Commodity’ Exports

      • Alan A. Powell, Christopher W. Murphy
      Pages 207-212

    15. Demand for Non-‘Commodity’ Exports

      • Alan A. Powell, Christopher W. Murphy
      Pages 213-214

    16. Domestic Good Inventory Investment

      • Alan A. Powell, Christopher W. Murphy
      Pages 215-218
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Keywords

About this book

As Ken Wallis has pOinted out. all macroeconomic forecasters and policy analysts use economic models. That is. they have a way of going from assumptions about macroeconomic policy and the international environment. to a prediction of the likely future state of the economy. Some people do this in their heads. Increasingly though. forecasting and policy analysis is based on a formal. explicit model. represented by a set of mathematical equations and solved by computer. This provides a framework for handling. in a consistent and systematic manner. the ever-increasing amounts of relevant information. Macroeconometric modelling though. is an inexact science. A manageable model must focus only on the major driving forces in a complex economy made up of millions of households and fIrms. International economic agencies such as the IMF and OECD. and most treasuries and central banks in western countries. use macroeconometric models in their forecasting and policy analysis. Models are also used for teaching and research in universities. as well as for commercial forecasting in the private sector.

Authors and Affiliations

  • Impact Research Centre, Monash University, Clayton, Australia

    Alan A. Powell

  • ECONTECH, Kingston, Australia

    Christopher W. Murphy

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