Klein–Goldberger model
E681556
The Klein–Goldberger model is an early econometric macroeconomic model of the U.S. economy that integrates consumption, investment, and other key variables to analyze economic fluctuations and policy effects.
Statements (43)
| Predicate | Object |
|---|---|
| instanceOf |
econometric model
ⓘ
macroeconomic model of the United States ⓘ |
| approach |
Keynesian macroeconomics
ⓘ
large-scale macroeconometric modeling ⓘ |
| assumption |
behavioral equations for consumption and investment
ⓘ
market-clearing conditions for goods and factor markets ⓘ stochastic disturbances in behavioral equations ⓘ |
| component |
consumption function
ⓘ
employment and output equations ⓘ government sector equations ⓘ investment function ⓘ monetary sector equations ⓘ price and wage equations ⓘ |
| countryModeled | United States NERFINISHED ⓘ |
| estimationMethod | econometric estimation using time-series data ⓘ |
| field |
econometrics
ⓘ
macroeconomics ⓘ |
| historicalSignificance |
helped establish macroeconometric modeling as a standard tool in applied macroeconomics
ⓘ
one of the earliest comprehensive econometric models of the U.S. economy ⓘ |
| includesVariable |
consumption
ⓘ
employment ⓘ government expenditure ⓘ income ⓘ investment ⓘ money supply ⓘ output ⓘ prices ⓘ taxes ⓘ wages ⓘ |
| influenced |
later large-scale macroeconometric models
ⓘ
policy modeling practices in central banks and government agencies ⓘ |
| influencedBy |
Keynesian income-expenditure framework
NERFINISHED
ⓘ
earlier Klein macro models of the U.S. economy ⓘ |
| mainPurpose |
analysis of economic fluctuations in the U.S. economy
ⓘ
evaluation of macroeconomic policy effects ⓘ |
| modelType |
simultaneous equations model
ⓘ
structural econometric model ⓘ |
| namedAfter |
Arthur S. Goldberger
NERFINISHED
ⓘ
Lawrence R. Klein NERFINISHED ⓘ |
| timeHorizon | annual data ⓘ |
| usedFor |
forecasting macroeconomic variables
ⓘ
policy simulation ⓘ testing macroeconomic theories ⓘ |
Referenced by (1)
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