A small macroeconomic model

Completed

Fossil Fuels: Oil Gas and Coal(Oil and Gas, Other oil and gas)
Not Energy Related
Other Cross-Cutting Technologies or Research(Environmental, social and economic impacts)

Basic and strategic applied research

SOCIAL SCIENCES (Economics and Econometrics)

Not Cross-cutting
Sociological economical and environmental impact of energy (Other sociological economical and environmental impact of energy)

Professor C Bean
London School of Economics and Political Science (LSE)

Standard

ESRC

01 November 1984

31 October 1986

24 months

£20,130

No relevance to Underpinning Sectors

London

ESRC Oil

Professor C Bean, London School of Economics and Political Science (LSE)

Objectives not supplied

Existing macroeconomic models are generally deficient in both their treatment of the supply behaviour of the economy and of expectations formation. The research is directed towards the specification and estimation of a small annual macroeconomic model of the United Kingdom in the post-war period aimed at rectifying these shortcomings. The employment, output and pricing decisions of firms will be derived within a consistent framework. Expectations will be identified explicitly, making it easierto simulate alternative policies under a variety of assumptions about the way expectations are formed, and the way investigations are formed, and the investigation of the robustness of different policies. There are two production sectors in the model, manufacturing and non-manufacturing, as well as North Sea oil production.

25/10/11