Large‐scale econometric models of national economies estimated from time series data
have developed substantially since the pioneering work of Tinbergen (1937; 1939) and …

It is commonly believed that macroeconomic models are not useful for policy analysis
because they do not take proper account of agents' expectations. Over the last decade …

Simulation estimators, such as indirect inference or simulated maximum likelihood, are
successfully employed for estimating stochastic differential equations. They adjust for the …

This paper proposes a tripartite framework of design, evaluation, and post‐evaluation
analysis for generating and interpreting economic forecasts. This framework's value is …

Stochastic simulation techniques are applied to study a small macroeconomic model of
Uganda, previously studied using deterministic simulations. It was found that stochastic …

Simulation estimators, such as indirect inference or simulated maximum likelihood, are
successfully employed for estimating models where the likelihood function does not have a …

The autoregressive conditional hcteroskedasticity (ARCH) estimation procedure provides a
specification of the error terms as well as estimates of the coefficients. A simple interest rate …

Different stochastic simulation methods are used in order to check the robustness of the
outcome of policy simulations. The application of a macroeconometric disequilibrium model …

One aspect of model behaviour that is of interest to the model builder is sensitivity to different
forms of errors. This can be investigated using stochastic simulations, as shown by Gajda …

For simultaneous equations models, estimates from ordinary least squares (OLS) methods
are biased and even inconsistent and those from two-stage least squares (2SLS) methods …