Beschreibung

"An increasing interest in the long-run properties has developed since the mideighties. As a result macroeconometric modelling has begun to include aspects like steady state growth and model-consistent expectations. This paper surveys the essential properties of these models. We will present solution methods and an approach for constructing a separate steady state model. Finally, we will discuss whether this 'new' modelling approach is preferable to the 'traditional' approach." (Author's abstract, IAB-Doku) ((en))