Publication Date
1991
Recommended Citation
Hoa, Tran Van, Fundamentals of a new macro-modelling approach: with application to explaining and forecasting output growth, Department of Economics, University of Wollongong, Working Paper 91-6, 1991, 11.
https://ro.uow.edu.au/commwkpapers/309
Abstract
The paper proposes a fundamentally new approach to explaining and predicting growth, and empirically compares the relative success, in terms of average mean-squared-errors, of forecasts of alternative modelling methods applied to two well-known multi-equation macroeconomic models fitted to Australian data for the period 1961/62 to 1986/87. The gain in relative efficiency from the new approach is found to be up to 130 percent over the modelling procedures currently used in macroeconomic studies.
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