On Macroeconomic Policy and Macroeconometric Models*

Abstract

Macroeconometric models provide a formal and quantified framework that is an irreplaceable adjunct to the processes of policy thought. This article analyzes some recent developments in model structure and model use, and the interactions between them. Two major areas in which recent research has contributed to the ongoing process of model development are considered, namely the ‘supply‐side’ approach to wages and unemployment, and the modelling of the exchange rate. An improved vehicle for macroeconomic policy analysis is an objective of such developments, and some issues surrounding the use of macroeconometric models in policy analysis are discussed

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