Klein–Tinbergen macroeconometric models

E681557

economic model quantitative model of a national economy

The Klein–Tinbergen macroeconometric models are pioneering large-scale quantitative models of national economies that integrated economic theory with statistical estimation to analyze and forecast macroeconomic activity.

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Statements (48)

Predicate	Object
instanceOf	economic model ⓘ quantitative model of a national economy ⓘ
appliesTo	macroeconomic activity ⓘ national economy ⓘ
basedOn	Keynesian economics ⓘ national income determination theory ⓘ
characteristic	empirically estimated parameters ⓘ large-scale ⓘ quarterly or annual data frequency ⓘ simultaneous-equation system ⓘ structural ⓘ
field	econometrics ⓘ macroeconomics ⓘ
hasPart	consumption function ⓘ employment equation ⓘ export function ⓘ government expenditure equation ⓘ import function ⓘ interest rate equation ⓘ investment function ⓘ money demand equation ⓘ price equation ⓘ wage equation ⓘ
influenced	OECD and UN macroeconomic models ⓘ policy model building in central banks ⓘ postwar macroeconometric modeling ⓘ
influencedBy	Jan Tinbergen’s work on business cycle models ⓘ Lawrence R. Klein’s work on U.S. macro models ⓘ
method	instrumental variables ⓘ ordinary least squares ⓘ simultaneous equations estimation ⓘ
namedAfter	Jan Tinbergen NERFINISHED ⓘ Lawrence R. Klein NERFINISHED ⓘ
purpose	macroeconomic forecasting ⓘ policy analysis ⓘ simulation of economic scenarios ⓘ
relatedTo	Klein’s Wharton model NERFINISHED ⓘ Tinbergen’s business cycle models NERFINISHED ⓘ
timePeriod	mid-20th century ⓘ
usedFor	evaluating fiscal policy ⓘ evaluating monetary policy ⓘ forecasting GDP ⓘ forecasting inflation ⓘ forecasting unemployment ⓘ
uses	economic theory ⓘ national income accounts ⓘ statistical estimation ⓘ time-series data ⓘ

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Lawrence Klein → notableWork → Klein–Tinbergen macroeconometric models ⓘ