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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 Lawrence Berke ... [...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-sca ... [...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 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. 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 surface—the smaller the differences, the better the model fits the data. The resulting estimator can be expressed by a simple formula, especially in the case of a simple linear regression, in which there is a single regressor on the right side of the regression equation. The OLS estimator is con ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Cycles
Business cycles are intervals of expansion followed by recession in economic activity. These changes have implications for the welfare of the broad population as well as for private institutions. Typically business cycles are measured by examining trends in a broad economic indicator such as Real Gross Domestic Production. Business cycle fluctuations are usually characterized by general upswings and downturns in a span of macroeconomic variables. The individual episodes of expansion/recession occur with changing duration and intensity over time. Typically their periodicity has a wide range from around 2 to 10 years (the technical phrase "stochastic cycle" is often used in statistics to describe this kind of process.) As in arvey, Trimbur, and van Dijk, 2007, ''Journal of Econometrics'' such flexible knowledge about the frequency of business cycles can actually be included in their mathematical study, using a Bayesian statistical paradigm. There are numerous sources of busines ... [...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 spending b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lawrence Berkeley National Laboratory
Lawrence Berkeley National Laboratory (LBNL), commonly referred to as the Berkeley Lab, is a United States national laboratory that is owned by, and conducts scientific research on behalf of, the United States Department of Energy. Located in the hills of Berkeley, California, the lab overlooks the campus of the University of California, Berkeley, and is managed by the University of California system. History 1931–1941 The laboratory was founded on August 26, 1931, by Ernest Lawrence, as the Radiation Laboratory of the University of California, Berkeley, associated with the Physics Department. It centered physics research around his new instrument, the cyclotron, a type of particle accelerator for which he was awarded the Nobel Prize in Physics in 1939. Throughout the 1930s, Lawrence pushed to create larger and larger machines for physics research, courting private philanthropists for funding. He was the first to develop a large team to build big projects to make discov ... [...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 it was the most-popular computer of the 1950s. The 650 was marketed to business, scientific and engineering users as a general-purpose version of the IBM 701 and IBM 702 computers which were for scientific and business purposes respectively. It was also marketed to users of punched card machines who were upgrading from calculating punches, such as the IBM 604, to computers. Because of its relatively low cost and ease of programming, the 650 was used to pioneer a wide variety of applications, from modeling submarine crew performance to teaching high school and college students computer programming. The IBM 650 became highly popular in universities, wher ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Frank Adelman
Frank or Franks may refer to: People * Frank (given name) * Frank (surname) * Franks (surname) * Franks, a medieval Germanic people * Frank, a term in the Muslim world for all western Europeans, particularly during the Crusades - see Farang 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 ** Argovia 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, Missouri, Uni ... [...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 Magne Mogstad ( University of Chicago). It is considered one of the top five journals in economics. Abstracting and indexing The journal is abstracted and indexed in EBSCO, ProQuest, EconLit , Research Papers in Economics, Current Contents/Social & Behavioral Sciences, and the Social Sciences Citation Index. According to the '' Journal Citation Reports'', the journal has a 2020 impact factor of 9.103, ranking it 4/376 journals in the category "Economics". The journal is department-owned University of Chicago journal. Notable papers Among the most influent ... [...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 Marx, German philosopher and political writer * Karl of Austria, last Austrian Emperor * Karl (footballer) (born 1993), Karl Cachoeira Della Vedova Júnior, Brazilian footballer 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 * ... [...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 p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., federal district, five major unincorporated territories, nine United States Minor Outlying Islands, Minor Outlying Islands, and 326 Indian reservations. The United States is also in Compact of Free Association, free association with three Oceania, Pacific Island Sovereign state, sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Palau, Republic of Palau. It is the world's List of countries and dependencies by area, third-largest country by both land and total area. It shares land borders Canada–United States border, with Canada to its north and Mexico–United States border, with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the List of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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