Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/105515
Authors: 
McAdam, Peter
Year of Publication: 
1998
Series/Report no.: 
Department of Economics Discussion Paper, University of Kent 9807
Abstract: 
This paper surveys and motivates the reasons for incorporating explicit long run of supply features into applied estimated macro economic models. It defines some basic stability conditions for such models and illustrates elements of long run considerations with reference to a small (22 equation) prototype model which fashions itself after many current models. It also shows that many of the key decisions when setting up the long run extended simulation horizon reduce to a relatively small number of relationships.
Subjects: 
Long run
stability
macro models
closures.
JEL: 
C51
C52
Document Type: 
Working Paper

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