A Review of Macroeconometric Modeling Practices

Muhammad Akbar and Eatzaz Ahmad

Abstract

This paper presents a general historical survey of macroeconometric 
modeling, which includes objectives, historic background and major types of 
macroeconometric modeling. Historic background includes beginning of 
macroeconometric modeling, advancements, criticisms and responses during  the course of time. Major types of macroeconomic modeling and alternatives  to the basic methodology of Cowles Commission approach along with their  drawbacks are discussed. At the end, review of some available 
macroeconometric models is presented in a tabular survey.