A Macroeconometric Model for Fiji
This book shows that time series methods are useful in developing structural models for policy and forecasting. It aims to show that alternative techniques such as JML and GETS are highly useful. The general to specific methodology, applied in searching for the dynamic lag structure, adequately captures the dynamics of the equations. It also shows that the two widely used time series methods, GETS and JML produce close estimates of cointegrating coefficients and, therefore, are equally useful. Further, it is noted that alternative econometric methods, if carefully used, are likely to give similar results. The work shows that it is pointless to endlessly argue that one technique is superior to another. The work guides applied researchers in developing large-scale policy models.
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The Fiji Economy
The Consumption Function
7 other sections not shown
Bank of Fiji capital chapter coefficients cointergrating vector computed consumption function COUP CUSUM SQUARES Test demand for money devaluation developing countries dummy variables dynamic adjustment econometric Economic eigenvalue empirical estimated exogenous expected exports equations Figure Fiji's FMOLS forecasting GDP deflator growth IMF specification imports income elasticity indicate inflation insignificant intercept interest rate interest rate elasticity International Financial Statistics investment equation Jayaraman JML Approach Keynesian lagged residuals lines represent critical macroeconometric model macroeconomic money in Fiji Murphy noted null output permanent income Plot of Actual predicted values price equations rate of interest real GDP Recursive Residuals relative price elasticities Reserve Bank respectively root tests sample signs and magnitudes Simulated Values simulation results specification of relative statistics are significant structural summary statistics supply shocks Suva test results TIMVAR trend unit root unit root tests unity wage rate x2 summary statistics