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The Liverpool macroeconomic model of the United Kingdom

Minford, Anthony Patrick Leslie, Marwaha, S., Matthews, Kent Gerard Patrick and Sprague, A. 1984. The Liverpool macroeconomic model of the United Kingdom. Economic Modelling 1 (1) , pp. 24-62. 10.1016/0264-9993(84)90010-5

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The paper describes the Liverpool Model, a rational expectations model of the UK economy used for forecasting since March 1980. The model is of the ‘new classical’ type, in that all markets clear; in the labour market, there is a union sector with one-year nominal wage contracts but the non-union sector clears excess demands. Equilibrium (or ‘natural rate’) values of output, employment, real wages, etc are endogenously determined. In- and out-of-sample errors, a full set of simulations, and a complete listing are included. The interim experience of the model as a test bed for rational expectations methods is ‘far from discouraging’.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Subjects: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HG Finance
Uncontrolled Keywords: Macroeconomic models; UK; Rational expectations
Publisher: Elsevier
ISSN: 0264-9993
Last Modified: 04 Jun 2017 05:10

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