TY  - JOUR
AU  - Buiter,Willem H.
TI  - Macroeconometric Modelling for Policy Evaluation and Design
JF  - National Bureau of Economic Research Technical Working Paper Series
VL  - No. 13
PY  - 1981
Y2  - June 1981
UR  - http://www.nber.org/papers/t0013
L1  - http://www.nber.org/papers/t0013.pdf
N1  - Author contact info:
Willem H. Buiter
Citigroup Centre
Canada Square, Canary Wharf
London E14 5LB
UNITED KINGDOM
E-Mail: willembuiter@btinternet.com
AB  - The paper reviews recent developments in macroeconomic theory and their implications for econometric modelling and for policy design. The following issues are addressed. 1) The theoretical and practical problems of modelling sequence economies. 2) Problems of evaluating the role of money given the absence of reasonable microfoundations for monetary theory. 3) The implications of the view that macroeconomic models should be viewed as non-cooperative differential games. 4) Identification and estimation of the policy-invariant structure of rational expectations models. 5) Time inconsistency of optimal plans and 6) The welfare economics of stabilization policy and the need to pay much greater attention to market structure if a market failure-based justification for stabilization policy is to be developed.
ER  -