The structure of NiGEM


For a macroeconometric model to be useful for policy analyses, particular attention must be paid to its long-term equilibrium properties. At the same time, we need to ensure that short-term dynamic properties and underlying estimated properties are consistent with data and well-determined. As far as possible the same theoretical structure has been adopted for each of the major industrial countries, except where clear institutional or other factors prevent this. As a result, variations in the properties of each country model reflect genuine differences in data ratios and estimated parameters, rather than different theoretical approaches. The behavioural equations have been mostly estimated individually, although key equations have been estimated in a panel framework.

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