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A stock‐flow consistent macro‐econometric model of the UK economy—part I
Author(s) -
Davis E. P.
Publication year - 1987
Publication title -
journal of applied econometrics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 2.878
H-Index - 99
eISSN - 1099-1255
pISSN - 0883-7252
DOI - 10.1002/jae.3950020204
Subject(s) - macro , stock (firearms) , economics , econometric model , econometrics , macroeconomics , economy , computer science , engineering , mechanical engineering , programming language
This paper surveys briefly the main theoretical developments in the analysis of stock and flow integration in macro‐economics, then proceeds to use this corpus of theory as a critique of the structure of existing macro‐econometric models of the British economy. An outline is then suggested for a model which would take all of these stock‐flow effects into account, given the macro‐economic data currently available. In a following paper (Davis, 1987) we give a detailed account of estimation and simulation of such a stock‐flow consistent model.