The Marshallian macroeconomic model: A progress report |
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Authors: | Arnold Zellner Guillermo Israilevich |
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Affiliation: | H.G.B. Alexander Research Foundation, Graduate School of Business, University of Chicago 1101 East 58th Street Chicago, IL 60637, United States |
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Abstract: | In this progress report, we first indicate the origins and early development of the Marshallian macroeconomic model (MMM) and briefly review some of our past empirical forecasting experiments with the model. Then we present recently developed one-sector, two-sector and n-sector models of an economy that can be employed to explain past experience, predict future outcomes and analyze policy problems. The results of simulation experiments with various versions of the model are provided to illustrate some of its dynamic properties that include “chaotic” features. Last, we present comments on planned future work with the model. |
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Keywords: | Marshallian macroeconomic model Disaggregation Prediction Simulation One-sector model Two-sector model n-Sector model |
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