A stock‐flow consistent macro‐econometric model of the UK economy—part II

Abstract

Abstract This paper is the second of a series of two which describe the estimation and simulation of a stock‐flow consistent macro‐economic model of the UK economy. The first part (Davis, 1987) surveyed the theoretical literature on stock‐adjustment dynamics, criticized existing UK forecasting models for omitting many potential stock‐flow interactions and gave an outline of the model which is constructed here. The estimation and simulation results suggest that variables encapsulating such stock‐flow effects are frequently significant in the estimation of key equations, and that their inclusion may make a sizeable difference to the simulation properties of a model.

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