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An Econometric Model of the US Economy

Structural Analysis in 56 Equations

Authors: Heim, John J.

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  • Connects behavioral equations into a comprehensive model of the real US economy
  • Includes comprehensive comparisons of results from older Cowles model and newer VAR and DSGE models
  • Features 75 variables 
  • Features findings confirmed by retesting in different time periods and models
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  • ISBN 978-3-319-50681-4
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  • Due: February 1, 2020
  • ISBN 978-3-319-84460-2
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About this book

This book explores the US economy from 1960 to 2010 using a more Keynsian, Cowles model approach, which the author argues has substantial advantages over the vector autoregression (VAR) and dynamic stochastic general equilibrium (DSGE) models used almost exclusively today. Heim presents a robust argument in favor of the Cowles model as an answer to the pressing, unresolved methodological question of how to accurately model the macroeconomy so that policymakers can reliably use these models to assist their decision making. Thirty-eight behavioral equations, describing determinants of variables such as consumption, taxes, and government spending, are connected by eighteen identities to construct a comprehensive model of the real US economy that Heim then tests across four different time periods to ensure that results are consistent. This comprehensive demonstration of the value of a long-ignored model provides overwhelming evidence that the more Keynesian (Cowles) structural models outperform VAR and DSGE, and therefore should be the models of choice in future macroeconomic studies.     

About the authors

John J. Heim is Visiting Professor at University of Albany-SUNY, and retired Clinical Professor of Economics at Rensselaer Polytechnic Institute, both in New York, USA.

Table of contents (20 chapters)

Table of contents (20 chapters)

Buy this book

eBook $119.00
price for USA in USD (gross)
  • ISBN 978-3-319-50681-4
  • Digitally watermarked, DRM-free
  • Included format: PDF, EPUB
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $159.99
price for USA in USD
  • ISBN 978-3-319-50680-7
  • Free shipping for individuals worldwide
  • Immediate ebook access, if available*, with your print order
  • Usually dispatched within 3 to 5 business days.
Softcover $159.99
price for USA in USD
  • Customers within the U.S. and Canada please contact Customer Service at +1-800-777-4643, Latin America please contact us at +1-212-460-1500 (24 hours a day, 7 days a week). Pre-ordered printed titles are excluded from promotions.
  • Due: February 1, 2020
  • ISBN 978-3-319-84460-2
  • Free shipping for individuals worldwide
  • Immediate ebook access, if available*, with your print order
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Bibliographic Information

Bibliographic Information
Book Title
An Econometric Model of the US Economy
Book Subtitle
Structural Analysis in 56 Equations
Authors
Copyright
2017
Publisher
Palgrave Macmillan
Copyright Holder
The Editor(s) (if applicable) and The Author(s)
eBook ISBN
978-3-319-50681-4
DOI
10.1007/978-3-319-50681-4
Hardcover ISBN
978-3-319-50680-7
Softcover ISBN
978-3-319-84460-2
Edition Number
1
Number of Pages
XXX, 460
Number of Illustrations
14 b/w illustrations
Topics

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