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MODERN MACROECONOMICS AND REGIONAL ECONOMIC MODELING *
Author(s) -
Rickman Dan S.
Publication year - 2010
Publication title -
journal of regional science
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.171
H-Index - 79
eISSN - 1467-9787
pISSN - 0022-4146
DOI - 10.1111/j.1467-9787.2009.00647.x
Subject(s) - computable general equilibrium , dynamic stochastic general equilibrium , macroeconomic model , economics , construct (python library) , economic model , macroeconomics , field (mathematics) , general equilibrium theory , parameterized complexity , computer science , monetary policy , mathematics , algorithm , pure mathematics , programming language
Despite a history of regional economic models being patterned after their national counterparts, modern macroeconomic methodology has yet to be fully embraced by regional scientists. In this paper, I argue that modern macroeconomic methodology has much to offer the field of regional economic modeling. For one, the empirical strategies used in implementing dynamic stochastic general equilibrium models provide insights into how regional computable general equilibrium models could be better parameterized and empirically verified. In addition, the structural macroeconomic approach more generally could be used to construct structural regional policy analysis models for use as alternatives to traditional regional models.