Author Description

Excerpt from An Introduction to Applied Macroeconomics We feel that any intermediate or advanced course in macroeconomics is seriously incomplete today unless it provides students with some understanding of econometric models of national economies macroeconometric models for short. Yet our own efforts to introduce students to econometric models of the u.s. Economy have invariably been disappointing. As an outlet for these frustrations, we have written this book which is designed as a supple ment to intermediate or advanced courses in macroeconomics or applied econometrics and, to a lesser extent, as a te ference for researchers in the field. Most available macroeconometric models, especially those in the journal literature, are designed to forecast Gross National Product and its components. Their primary purpose is not to illustrate the structure of the economy, but rather to follow its movement over time as closely as possible. Consequently, numerous compromises are made. Quantities which are logically endogenous variables are taken as exogenous, and many equations have only the most tenuous theoretical justification. Explanations of these models tend to be brief and oriented toward the practicing professional economist. Sources of data are rarely listed. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.