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Klein–Goldberger Model
The Klein–Goldberger model was an early macroeconometric model for the United States developed by Lawrence Klein and Arthur Goldberger, Klein's doctoral student at the University of Michigan, in 1955. Grounded in Keynesian macroeconomic theory, it describes the workings of the United States economy in terms of 20 simultaneous equations, using time series data from 1929 to 1952. The Klein–Goldberger model extended the pioneering work of Jan Tinbergen in the 1940s, and paved the way for even larger models such as the Wharton models of the 1960s, or the Brookings model, with almost 400 equations. The model was estimated with the limited information maximum likelihood method only, but alternative ordinary least squares estimations were provided by Karl A. Fox (1956). In one of the earliest computational simulations of an econometric model, Irma and Frank Adelman (1959) tested the Klein–Goldberger model on an IBM 650 at the Berkeley Radiation Laboratory, and found that when ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Large-scale Macroeconometric Model
Following the development of Keynesian economics, applied economics began developing forecasting models based on economic data including national income and product accounting data. In contrast with typical textbook models, these large-scale macroeconometric models used large amounts of data and based forecasts on past correlations instead of theoretical relations. These models estimated the relations between different macroeconomic variables using regression analysis on time series data. These models grew to include hundreds or thousands of equations describing the evolution of hundreds or thousands of prices and quantities over time, making computers essential for their solution. While the choice of which variables to include in each equation was partly guided by economic theory (for example, including past income as a determinant of consumption, as suggested by the theory of adaptive expectations), variable inclusion was mostly determined on purely empirical grounds. Large-scal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ordinary Least Squares
In statistics, ordinary least squares (OLS) is a type of linear least squares method for choosing the unknown parameters in a linear regression In statistics, linear regression is a statistical model, model that estimates the relationship between a Scalar (mathematics), scalar response (dependent variable) and one or more explanatory variables (regressor or independent variable). A mode ... model (with fixed level-one effects of a linear function of a set of explanatory variables) by the principle of least squares: minimizing the sum of the squares of the differences between the observed dependent variable (values of the variable being observed) in the input dataset and the output of the (linear) function of the independent variable. Some sources consider OLS to be linear regression. Geometrically, this is seen as the sum of the squared distances, parallel to the axis of the dependent variable, between each data point in the set and the corresponding point on the regression ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Cycles
Business cycles are intervals of general expansion followed by recession in economic performance. The changes in economic activity that characterize business cycles have important implications for the welfare of the general population, government institutions, and private sector firms. There are many definitions of a business cycle. The simplest defines recessions as two consecutive quarters of negative GDP growth. More satisfactory classifications are provided by, first including more economic indicators and second by looking for more data patterns than the two quarter definition. In the United States, the National Bureau of Economic Research oversees a Business Cycle Dating Committee that defines a recession as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales." Business cycles are usually thought of as medium-term evo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shock (economics)
In economics, a shock is an unexpected or unpredictable event that affects an economy, either positively or negatively. Technically, it is an unpredictable change in exogenous factors—that is, factors unexplained by an economic model—which may influence endogenous economic variables. The response of economic variables, such as GDP and employment, at the time of the shock and at subsequent times, is measured by an impulse response function. Types of shocks A technology shock is the kind resulting from a technological development that affects productivity. If the shock is due to constrained supply, it is termed a supply shock and usually results in price increases for a particular product. Supply shocks can be produced when accidents or disasters occur. The 2008 Western Australian gas crisis resulting from a pipeline explosion at Varanus Island is one example. A demand shock is a sudden change of the pattern of private expenditure, especially of consumption spendin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lawrence Berkeley National Laboratory
Lawrence Berkeley National Laboratory (LBNL, Berkeley Lab) is a Federally funded research and development centers, federally funded research and development center in the Berkeley Hills, hills of Berkeley, California, United States. Established in 1931 by the University of California (UC), the laboratory is sponsored by the United States Department of Energy and administered by the UC system. Ernest Lawrence, who won the Nobel prize for inventing the cyclotron, founded the lab and served as its director until his death in 1958. Located in the Berkeley Hills, the lab overlooks the campus of the University of California, Berkeley. Scientific research The mission of Berkeley Lab is to bring science solutions to the world. The research at Berkeley Lab has four main themes: discovery science, energy, earth systems, and the future of science. The Laboratory's 22 scientific divisions are organized within six areas of research: Computing Sciences, Physical Sciences, Earth and Environmenta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
IBM 650
The IBM 650 Magnetic Drum Data-Processing Machine is an early digital computer produced by IBM in the mid-1950s. It was the first mass-produced computer in the world. Almost 2,000 systems were produced, the last in 1962, and it was the first computer to make a meaningful profit. The first one was installed in late 1954 and the IBM 650 was the most popular computer of the 1950s. The 650 was offered to business, scientific and engineering users as a slower and less expensive alternative to the IBM 701 and IBM 702 computers, which were for scientific and business purposes respectively. It was also marketed to users of unit record equipment, punched card machines who were upgrading from Unit record equipment#Calculating, calculating punches, such as the IBM 604, to computers. Because of its relatively low cost and ease of Computer programming, programming, the 650 was used to pioneer a wide variety of applications, from modeling submarine crew performance to teaching high schoo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Frank Adelman
Frank, FRANK, or Franks may refer to: People * Frank (given name) * Frank (surname) * Franks (surname) * Franks, a Germanic people in late Roman times * Franks, a term in the Muslim world for all western Europeans, particularly during the Crusades Currency * Liechtenstein franc or frank, the currency of Liechtenstein since 1920 * Swiss franc or frank, the currency of Switzerland since 1850 * Westphalian frank, currency of the Kingdom of Westphalia between 1808 and 1813 * The currencies of the German-speaking cantons of Switzerland (1803–1814): ** Appenzell frank ** Aargau frank ** Basel frank ** Berne frank ** Fribourg frank ** Glarus frank ** Graubünden frank ** Luzern frank ** Schaffhausen frank ** Schwyz frank ** Solothurn frank ** St. Gallen frank ** Thurgau frank ** Unterwalden frank ** Uri frank ** Zürich frank Places * Frank, Alberta, Canada, an urban community, formerly a village * Franks, Illinois, United States, an unincorporated community * Franks, Missour ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Irma Adelman
Irma Glicman Adelman (March 14, 1930 – February 5, 2017) was a Romanian-American economist. Early life and education Adelman was born in Chernivtsi, Romania in March 1930. In 1939, fleeing the Nazi regime, she moved with her family to Palestine where she continued her education through high school. After high school, in 1949, Adelman moved to the United States and attended the University of California, Berkeley, where she received her bachelor's degree in Business Administration in 1950, her Master's in economics in 1951, and her Ph.D. in economics in 1955. Career and research Adelman began her career with a two-year stint as an instructor and assistant professor at her alma mater; in the 1958–1959 academic year, she was a visiting professor at Mills College. After that, she became an assistant professor at Stanford University, staying until 1962. That year, Adelman moved to Johns Hopkins University, where she was an associate professor until 1965, when she moved to Northwe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Journal Of Political Economy
The ''Journal of Political Economy'' is a monthly peer-reviewed academic journal published by the University of Chicago Press. Established by James Laurence Laughlin in 1892, it covers both theoretical and empirical economics. In the past, the journal published quarterly from its introduction through 1905, ten issues per volume from 1906 through 1921, and bimonthly from 1922 through 2019. The editor-in-chief is Esteban Rossi-Hansberg (University of Chicago). It is considered one of the top five journals in economics. JPE Micro and JPE Macro In 2023, University of Chicago Press announced the establishment of Journal of Political Economy Microeconomics (JPE Micro) and Journal of Political Economy Macroeconomics (JPE Macro), two new journals that are vertically integrated with the Journal of Political Economy. Abstracting and indexing The journal is abstracted and indexed in EBSCO, ProQuest, EconLit, Research Papers in Economics, Current Contents/Social & Behavioral Scien ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Karl A
Karl may refer to: People * Karl (given name), including a list of people and characters with the name * Karl der Große, commonly known in English as Charlemagne * Karl of Austria, last Austrian Emperor * Karl (footballer) (born 1993), Karl Cachoeira Della Vedova Júnior, Brazilian footballer * Karl (surname) In myth * Karl (mythology), in Norse mythology, a son of Rig and considered the progenitor of peasants (churl) * ''Karl'', giant in Icelandic myth, associated with Drangey island Vehicles * Opel Karl, a car * ST ''Karl'', Swedish tugboat requisitioned during the Second World War as ST ''Empire Henchman'' Other uses * Karl, Germany, municipality in Rhineland-Palatinate, Germany * ''Karl-Gerät'', AKA Mörser Karl, 600mm German mortar used in the Second World War * KARL project, an open source knowledge management system * Korean Amateur Radio League, a national non-profit organization for amateur radio enthusiasts in South Korea * KARL, a radio station in Minnesota * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Limited Information Maximum Likelihood
Simultaneous equations models are a type of statistical model in which the dependent variables are functions of other dependent variables, rather than just independent variables. This means some of the explanatory variables are jointly determined with the dependent variable, which in economics usually is the consequence of some underlying equilibrium mechanism. Take the typical supply and demand model: whilst typically one would determine the quantity supplied and demanded to be a function of the price set by the market, it is also possible for the reverse to be true, where producers observe the quantity that consumers demand ''and then'' set the price. Simultaneity poses challenges for the estimation of the statistical parameters of interest, because the Gauss–Markov assumption of strict exogeneity of the regressors is violated. And while it would be natural to estimate all simultaneous equations at once, this often leads to a computationally costly non-linear optimization pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 contiguous states border Canada to the north and Mexico to the south, with the semi-exclave of Alaska in the northwest and the archipelago of Hawaii in the Pacific Ocean. The United States asserts sovereignty over five Territories of the United States, major island territories and United States Minor Outlying Islands, various uninhabited islands in Oceania and the Caribbean. It is a megadiverse country, with the world's List of countries and dependencies by area, third-largest land area and List of countries and dependencies by population, third-largest population, exceeding 340 million. Its three Metropolitan statistical areas by population, largest metropolitan areas are New York metropolitan area, New York, Greater Los Angeles, Los Angel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
