COMPACT: a rational expectations, intertemporal model of the United Kingdom economy
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- 作者：Darby ; Julia ; Ireland ; Jonathan ; Leith ; Campbell ; Wren-Lewis ; Simon
- 关键词：E1 ; e60 ; C51 ; C52 ; United Kingdom ; Econometric model ; Consumption ; NAIRU ; Vintage production
- 刊名：Economic Modelling
- 出版年：1999
- 出版时间：January, 1999
- 年：1999
- 卷：16
- 期：1
- 页码：1-52
- 全文大小：1.93 M
文摘
COMPACT is a quarterly macro econometric model of the UK primarily designed for policy analysis. The model includes a consumption function derived explicitly from intertemporal optimisation, a vintage production technology, nominal rigidities in wage and price setting, and trade equations which are influenced by the variety and quality of production relative to the rest of the world. We discuss the overall properties of the model, as well as features of major equations. We stress the importance of relating these properties to simpler theoretical paradigms. Several simulations illustrating key properties of COMPACT are presented. A complete equation listing is provided in an Appendix.