Recent Developments in the Institute's Domestic Macromodel
- 1 November 1989
- journal article
- Published by Cambridge University Press (CUP) in National Institute Economic Review
- Vol. 130, 47-51
- https://doi.org/10.1177/002795018913000105
Abstract
The forecast published in this Review uses the latest vintage of the Institute's domestic econometric model, version 11.4. In comparison with the model described a year ago (Model 11.1, see Wren-Lewis, (1988)) some of the main developments are: 1) The key price and wage equations are both forward looking, and are based on explicit dynamic theories of adjustment. This is perhaps the first time that a large quarterly econometric model has attempted to identify the structural characteristics of nominal inertia in the UK.Keywords
This publication has 1 reference indexed in Scilit:
- Aggregate Dynamics and Staggered ContractsJournal of Political Economy, 1980