This paper describes the properties of five major macroeconometric models of the UK economy, through
analysis of six standard policy simulations. The simulations are conducted, as far as possible, in a consistent
manner across the models. The models were deposited with the ESRC Macroeconomic Modelling in late 1988
and this paper follows comparative analysis of previous model vintages in this Review and in earlier Bureau
publications. The paper highlights differences between the models that emerge from the treatment of exchange
rates, imports, consumption and price adjustment. Recent changes to the models are shown to have increased
simulation differences between them.
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6.
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10.
Nickell, S.J. (1984). Review of Unemployment: Cause and Cure by A. P. L. Minford et al. (Blackwell, 1983). Economic Journal, 94, 946-953.
11.
Turner, D.S., Wallis, K.F. and Whitley, J.D. (1989). Differences in the properties of large-scale macroeconometric models: the role of labour market specifications. Journal ofApplied Econometrics, forthcoming.
12.
Turner, D.S. and Whitley, J.D. (1989). The importance of the distinction between long- and short-term unemployment in UK macro econometric models. ESRC Macroeconomic Modelling Bureau, Discussion Paper No. 18.
13.
Wallis, K.F. (ed.), Andrews, M.J., Bell, D.N.F., Fisher, P.G. and Whitley, J.D. (1984). Models of the UKEconomy: A Review by the ESRC Macroeconomic Modelling Bureau , Oxford : Oxford University Press.
14.
Wallis, K.F. (ed.), Andrews, M.J., Bell, D.N.F., Fisher, P.G. and Whitley, J.D. (1985). Models of the UK Economy: A Second Review by the ESRC Macroeconomic Modelling Bureau. Oxford : Oxford University Press.
15.
Wallis, K.F. (ed.), Andrews, M.J., Fisher, P.G., Longbottom , J.A. and Whitley, J.D. (1986). Models of the UK Economy: A Third Review by the ESRC Macroeconomic Modelling Bureau. Oxford : Oxford University Press.
16.
Wallis, K.F. (ed.), Fisher, P.G., Longbottom, A.J., Turner , D.S. and Whitley, J.D. (1987). Models of the UK Economy: A Fourth Reviewby the ESRC Macroeconomic Modelling Bureau. Oxford : Oxford University Press.
17.
Wren-Lewis, S.( 1988). Supply, liquidity and credit: a new version of the Institutes's domestic econometric macromodel. National Institute Economic Review, No. 126, 32-43.
