By Mary Morgan, Frank den Butter
This assortment, written via highly-placed practitioners and educational economists, offers an image of ways financial modellers and coverage makers have interaction. The booklet presents overseas case reports of specific interactions among versions and coverage making, and argues that the stream of knowledge is two-way.
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Additional resources for Empirical models and Policy Making: Interaction and Institutions
Since the 1980s, however, contenders have emerged in the market and this raises the questions of why entry occurred and what the impact of this competition may be for the functioning of the industry. Smith (1994) uses the structure conduct performance (SCP) paradigm and Porter’s (1985) concept of the value chain, both well known from industrial economics, to analyse the macro-modelling industry in the UK, inter alia, illustrating that the combination of these analytical instruments may yield a very illuminating explanation of change and performance in this ‘market’.
Elections in The Netherlands:The Economic Consequences of Five Party Platforms. Working Paper no. 65,The Hague. CPB models and employment policy 25 CPB, 1997. JADE: A Model for the Joint Analysis of Dynamics and Equilibrium. Working Paper no. 99,The Hague. Driehuis, W. and Van der Zwan, A. ), 1978. De Voorbereiding van het Economisch Beleid Kritisch Bezien. Stenfert Kroese, Leiden. European Commission, 1994. ‘Taxation, employment and environment: fiscal reform for reducing unemployment’, Eur. Econ.
JEL classifications: A11, C5, E65 1. Introduction Academic economists have grosso modo turned their backs on applied macro models, while policy makers in many countries often continue to rely on calculations and predictions based on detailed and large-scale models. The academic position in the debate is well known (see, for example, Smith, 1997, Chapter 15 in this volume and Wren-Lewis, 1997, Chapter 11 in this volume). Policy makers, however, have been less explicit. We intend to fill part of these blanks in relation to our own experience with applied macro models in the policy process.
Empirical models and Policy Making: Interaction and Institutions by Mary Morgan, Frank den Butter