By Iain Begg, Brian Henry
This e-book incorporates a choice of in particular commissioned papers within which best economists discover the function of utilized economics in informing public coverage. The contributions conceal macroeconomic modeling, using corporation information to evaluate monetary functionality, ideas for facts amassing and coverage research. The e-book covers a number of examine equipment and exhibits how those were utilized in perform to clarify monetary difficulties. utilized economics is either an artwork and a technological know-how, and this e-book demonstrates why.
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Additional info for Applied Economics and Public Policy (Department of Applied Economics Occasional Papers)
This is related to the fact that complex models are much more difficult to understand and therefore less accessible and less useful for teaching and exposition. Second, one of the purposes of many models is to provide explanations for events and effects of policy changes; the easier it is to understand the model, the better. When the main purpose of the model is to quantify and bolster a belief in the way the economy works, this argument goes further: all detail and complexity outwith the area of interest are not just redundant, they are confusing and potentially damaging.
Such innovation in approach, combined with advances in the tools of the trade, opens up new opportunities for research in applied economics. Raw computing power and data handling facilities have ceased to be the constraints they were in the early days of the DAE; econometric methods have reached new levels of sophistication; the availability of data is greater than ever before; and statistical series are long enough to allow more complex experimentation. The chapters in this volume point to some of the emerging directions for applied economics; the DAE will, no doubt, help to develop others.
A feature of the development of econometric modelling is the exploration of alternative functional forms for consumer demand in the work of Deaton (1975) and the creation of new theory to explain the facts, for example those underlying the wage bargaining models of Lee and Pesaran (1993). 1 The treatment of time Since economic modellers cannot normally rewrite or relive history, models which are intended to guide policy must be forward looking. This immediately raises a problem for modelling because much of economic theory describing behaviour by consumers, producers, traders and investors, is a-temporal.