Evaluation of macroeconometric models |
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Authors: | MH Pesaran RP Smith |
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Institution: | 1. M.H. Pesaran is at Trinity College, Cambridge, USA;2. R.P. Smith is with the Department of Economics, Birkbeck College, 7–15 Gresse Street, London W1P 1PA, UK |
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Abstract: | The disparity between the practice of applied econometricians and the econometric methodology they claim to profess has been widely noted. This paper attempts to examine and systematize the practice in a way that recognizes the variety of practical, theoretical and statistical considerations that applied econometric work must take account of. The discussion is organized under three criteria: relevance, consistency and adequacy; and the relationship between these criteria and the current critiques of applied econometrics is examined. |
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Keywords: | Econometrics Model Evaluation |
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