Global Economic Modeling: A Volume In Honor Of Lawrence R Klein

by Peter Pauly (Editor)

Overview

Global econometric models have a long history. From the early 1970s to the present, as modeling techniques have advanced, different modeling paradigms have emerged and been used to support national and international policy making. One purpose of this volume — based on a conference in recognition of the seminal impact of Nobel Prize winner in Economic Sciences Lawrence R Klein, whose pioneering work has spawned the field of international econometric modeling — is to survey these developments from today's perspective.A second objective of the volume is to shed light on the wide range of attempts to broaden the scope of modeling on an international scale. Beyond new developments in traditional areas of the trade and financial flows, the volume reviews new approaches to the modeling of linkages between macroeconomic activity and individual economic units, new research on the analysis of trends in income distribution and economic wellbeing on a global scale, and innovative ideas about modeling the interactions between economic development and the environment.With the expansion of elaborated economic linkages, this volume makes an important contribution to the evolving literature of global econometric models.

Product Details

ISBN-13:	9789813220430
Publisher:	World Scientific Publishing Company, Incorporated
Publication date:	06/18/2018
Pages:	344
Product dimensions:	6.90(w) x 9.70(h) x 0.90(d)

About the Author

Professor Lawrence R. Klein, winner of the 1980 Nobel Prize in Economic Sciences, is remembered as an eminent teacher, scholar and research pioneer. His numerous groundbreaking scholarly contributions to applied econometrics and macroeconomic modeling are universally recognized and continue to have a lasting impact on academia and public policy worldwide.

Table of Contents

Introduction Peter Pauly vii

I International Econometric Modeling 1

"High-mixed-frequency forecasting models for GDP and inflation" Roberto S. Mariano Suleyman Ozmucur, University of Pennsylvania 2

"The use of models in macroeconomic forecasting at the OECD" David Turner, OECD, Paris 30

"Reflections on global modeling: The state of the art" Peter Pauly, University of Toronto 49

II International Financial System 89

"Mitigating the deadly embrace in financial cycles: Countercyclical buffers and loan-to-value limits" Jaromir Benes Douglas Laxton Joannes Mongardini, IMF, Washington 90

"Spreads and bank ratings in the Euro area sovereign debt crises" Heather D. Gibson Stephen G. Hall George S. Tavlas, University of Leicester and Bank of Greece 112

"Remarks on international financial stability" Tiff Macklem, University of Toronto 146

"The influence of DB pensions on the market valuation of the pension plan sponsor: For the FTSE 100 companies, size really does matter" Pete Richardson Luca Larcher, Llewellyn Consulting and Queen Mary University London 152

III Trade and Development 181

"What makes China grow?" Lawrence J. Lau, The Chinese University of Hong Kong 182

"Global value chains and changing trade elasticities" Byron Gangnes Ari Van Assche, University of Hawaii and HEC Montréak 234

IV New Dimensions 255

"Is technological progress behind growing income inequality?" Zsolt Darvas, Bruegel and Corvinus University of Budapest 256

"Deepened structural modeling: The case of energy" Stefan P. Schleicher, University of Graz 277

"Policymaking in the age of sustainable development" Sudip Ranjan Basil, ESCAP, Bangkok 289

"Damaging austerity policies" Franjo Stiblar, University of Ljubljana 314