The Cambridge Multisectoral Dynamic Model [Hardcover]

An econometric 1998 analysis of single and simultaneous-equation models where the jointly dependent variables can be continuous, categorical, or truncated.Based on a highly disaggregated macroeconometric model developed by the CGP, this model is unique among models of the U.K. economy in its level of disaggregation.Based on a highly disaggregated macroeconometric model developed by the CGP, this model is unique among models of the U.K. economy in its level of disaggregation.This book provides an account of the Cambridge Multisectoral Dynamic Model, based on a highly disaggregated macroeconometric model. The first part covers the econometric theory and methodology, the organization of the data, the structure of the model, estimation and computer programming. The second part examines the modeling of different aspects of the system in detail and describes the relationships used, the parameter estimates and the results obtained. The model has been developed by the Cambridge Growth Project and is unique among models of the UK economy in its level of disaggregation.List of tables; List of figures; Foreword; Preface; Conventions; 1. Introduction Terry Barker; Part I. The Model as a System: 2. Theory and method Terry Barker and William Peterson; 3. The accounting framework and the data Terry Barker and Martin Weale; 4. The complete model Terry Barker; 5. Estimation William Peterson; 6. Computer software for a large econometric model William Peterson; Part II. Different Economic Sectors of the Model: 7. Consumers' expenditure Vani Borooah; 8. Fixed investment William Peterson; 9. Stockbuilding Michael Landesmann; 10. Exports and imports Terry Barker; 11. Employment William Peterson; 12. The demand for energy William Peterson; 13. Industrial prices and profits Martin Weale; 14. Export and import prices Terry Barker; 15. Incomes policy and earnings Tony Lawson; 16. Social security benefits and personal income tax Don Sharpe; 17. The company sector Andrew Goudie, Geoffrey MeekslC,