Macroeconomic Modeling

An empirical approach to constructing macroeconomic models. Fair covers a broad range of topics, including inflation and unemployment; the size of wealth effects; the behavior of the Federal Reserve and its effects on the economy; the effects of fiscal policy; Okun’s law; and contractions and expansions.

List of contents

1 Part I: Introduction
1 Why This Book?
2 Macro Data
3 The Econometrics
4 Part II: The US Model
4 Specification and Estimation of the US Model
5 Constructed Variables
6 Identities
7 Exogenous Variables
8 Solution
9 Part III: Analysis of the US Model
9 Size of Wealth Effects
10 Size of Fed’s Effect on Output, Unemployment, and Inflation
11 Changes in Fed’s Behavior Since 2008
12 Effects of Inflation Shocks
13 Size of Government Spending Multipliers
14 Okun’s Law
15 Explaining Contractions and Expansions
16 Part IV: Models with Rational Expectations–optional.
17 Part V: Multicountry Econometric Models–optional
18 Part VI: Further Material–optional
19 Appendix
20 References

About the author

Ray C. Fair is Professor of Economics at Yale. His research has primarily been in the areas of macroeconomics and econometrics, although he has also done work in finance, voting behavior, and aging in sports.

Product details

• Authors: Ray C Fair, Ray C. Fair, Ray C. Fair
• Publisher: The MIT Press
• Languages: English
• Product format: Paperback / Softback
• Released: 21.01.2025
• EAN: 9780262549844
• ISBN: 978-0-262-54984-4
• No. of pages: 286
• Dimensions: 152 mm x 229 mm x 19 mm
• Subjects: Social sciences, law, business > Business > Economics; Economics, BUSINESS & ECONOMICS / Economic History, BUSINESS & ECONOMICS / Economics / Theory, BUSINESS & ECONOMICS / Economics / Macroeconomics, Economic history