Models and Reality: Teaching Macroeconomics in the Nineties. A Note

Authors

Keywords:

linear quadratic algorithm, deep parameters, teaching macroeconomics, Lucas critique, numerical methods

Abstract

This note is intended to suggest an improvement to the methodology used by Quiroz et al. (1991) in the paper «Modelos y Realidad: Enseñando Macroeconomía en los Noventa», which was published in the Revista de Análisis Económico. Besides, this note establishes a superior numeric procedure to solve out the quadratic linear algorithm used by Quiroz et al.

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References

Kydland, F., & Prescott, E. (1982). Time to build and aggregate fluctuations. Econometrica, 50(6), 1345–1370. https://doi.org/10.2307/1913386

Lucas, R. E., Jr. (1976). Econometric policy evaluation: A critique. In K. Brunner & A. H. Meltzer (Eds.), The Phillips curve and labor markets (pp. 19–46). North-Holland.

McGrattan, E. (1990). Solving the stochastic growth model by linear-quadratic approximation. Journal of Business & Economic Statistics, 8(1), 41–43.

Prescott, E. (1991). Real business cycle theory: What have we learned? Revista de Análisis Económico, 6(2).

Quiroz, J., Bernasconi, F., Chumacero, R., & Revoredo, C. (1991). Modelos y realidad: Enseñando macroeconomía en los noventa. Revista de Análisis Económico, 6(2), 79–103.

Sargent, T. (1981). The observational equivalence of natural and unnatural rate theories of macroeconomics. In R. Lucas & T. Sargent (Eds.), Rational expectations and econometric practice (Vol. 2). University of Minnesota Press.

Sargent, T. (1987). Dynamic macroeconomic theory. Harvard University Press.

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Published

1996-04-30

How to Cite

Muñoz, R. (1996). Models and Reality: Teaching Macroeconomics in the Nineties. A Note. Economic Analysis Review, 11(1), 143–147. Retrieved from https://www.rae-ear.org/index.php/rae/article/view/155

Issue

Vol. 11 No. 1 (1996)

Section

Notes

License

Copyright (c) 1996 Roberto Muñoz

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This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

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