Download Applied Economics and Public Policy (Department of Applied by Iain Begg, Brian Henry PDF

By Iain Begg, Brian Henry

This e-book includes a number of in particular commissioned papers during which prime economists discover the function of utilized economics in informing public coverage. The contributions hide macroeconomic modeling, using corporation information to evaluate fiscal functionality, recommendations for info amassing and coverage research. The booklet covers a number of study equipment and exhibits how those were utilized in perform to clarify monetary difficulties. utilized economics is either an artwork and a technological know-how, and this ebook demonstrates why.

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However, the approach as adopted in some CGE models is, firstly, casual in its measurement of parameters and, secondly, uninformed in that the time-series data which are usually available are also usually not utilised in the modelling process and in that the approach does not build on earlier work: in particular, it ignores the advances made in econometric methods over the last 20 years. 1 The long run Since CGE models assume equilibrium ab initio, their long-run properties are decided by assumption, even though the models are used to generate policy results for actions to be taken at different times in the future.

These are however national models. E3ME (Barker, Gardiner and Dieppe, 1995) is a dynamic regional econometric E3 model capable of long-term projections incorporating changes in relative prices and forward-looking expectations. WARM (Carraro, 1992) is another model sharing these features. However, WARM is based on the theory of the individual firm and agent, assuming representative agents, with equations estimated on industry and country data treated as panel data. WARM, unlike the other models in this group, does not include gross output and does not use input-output tables.

This is made possible by the use of the software package MREG, written and maintained by Peterson (1995), which can estimate the whole model and calculate a battery of test statistics and aggregations in about 90 minutes on a desk-top personal computer. 3 gives a count of the stochastic equations passing and failing four of these tests. They are discussed briefly below, and accompany the usual tests on properties of the data and the standard errors of the parameters. The point of listing them is that they help in the choice of alternative specifications in each area in the model.

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