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Journal of Economic Literature: Vol. 46 No. 3 (September 2008)

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Horizons of Understanding: A Review of Ray Fair's Estimating How the Macroeconomy Works

Article Citation

Fernández-Villaverde, Jesús. 2008. "Horizons of Understanding: A Review of Ray Fair's Estimating How the Macroeconomy Works." Journal of Economic Literature, 46(3): 685-703.

DOI: 10.1257/jel.46.3.685

Abstract

Ray Fair's Estimating How the Macroeconomy Works is the latest in a series of books by Fair that build, estimate, and apply his macroeconometric model to study the U.S. economy. In this book, Fair updates the model to incorporate the most recent data and uses it to analyze several important empirical questions, such as whether the U.S. economy moved into a new age of high productivity in the last half of the 1990s and the dynamics of prices, output, and unemployment. This review places his work in the context of the historical evolution of aggregate econometric models, compares it with the current developments in the estimation of dynamic stochastic general equilibrium models, and discusses some salient aspects of Fair’s contributions.

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Authors

Fernández-Villaverde, Jesús (U PA and CEPR)

JEL Classifications

E23: Macroeconomics: Production
E24: Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital
O47: Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
E17: General Aggregative Models: Forecasting and Simulation
E31: Price Level; Inflation; Deflation
E65: Studies of Particular Policy Episodes


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