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Macroeconomic Modelling and Policy Implications: In Honour of Pertti Kukkonen Vol: 216

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15 Feb 1993
Emerald Group Publishing Limited
236 pages - 156 x 234 x 16mm
Contributions to Economic Analysis


The main purpose of this book is to review and discuss the different varieties of macro modelling. A second purpose is to analyze policy themes that are currently important in Finland and elsewhere. The last set of papers analyze exchange rate policies in Finland and issues in European Economic Integration. The reader will find both a useful overview of the different types of macroeconomic modelling of economic policies and some stimulating analyses of current issues in economic policy-making. The book is dedicated to Pertti Kukkonen on the occasion of his 60th birthday to honour his long and distinguished career as a participant and advisor in economic policy-making.
Introduction. ECONOMETRIC MODELLING. Use of Mainstream Macroeconometric Models for Policy Formation (L.R. Klein). The Emphasis on Realistic Structure. Procedures. Treatment of Uncertainty. New Vistas. Comments by P. Kukkonen. Consistent Expections and Learning in Large Scale Macroeconometric Models (D. Currie, A. Garratt, S. Hall). Introduction. Solution Procedures. Terminal Conditions. Stochastic Simulations. Policy Formulation. Types of Rational Expectations. Rational Expectations in Forecasting. Rational Expectations and Policy. Relaxation of the Rational Expectations Hypothesis. Learning. Learning and Convergence. Model Consistent Learning. Learning about a Change in Exchange Rate Regime. Conclusion. Comments by U. Lempinen. GENERAL EQUILIBRIUM MODELLING. Accounting for Long-Run Effects of Fiscal Policy by Means of Computable Overlapping Generations Models (E. Steigum, Jr.). Introduction. Some Methodological Issues. An Analytical Framework. A Computable Overlapping Generations Model. The Long-run Effects of Social Security Funds. Final Remarks. Comments by P. Haaparanta. Policy Analysis with Modern Business Cycle Models (T.F. Cooley). Introduction. A Model Economy. Calibration and Solution of the Model. Tax Reforms. War Finance. Optimal Fiscal and Monetary Policy. Conclusions. Comments by S. Honkapohja. EXCHANGE RATE POLICY. Credibility of Finland's Basket Peg Exchange Rate Regime: 1977-1991 (P. Pikkarainen, L. Vajanne). Introduction. On the Relationships of the Exchange Rate Policies of Finland, Sweden and Norway. Devaluation Expectations: The Finnish Markka 1987-1991. Capital Flows and Credibility: Modified Kouri-Porter Analysis. Bumpy Road. Comments by E. Steigum, Jr. EUROPEAN ECONOMIC INTEGRATION. Fiscal Federalism and European Monetary Integration (J. Tarkka, J. Akerholm). Eurofed and Inflation. EMU and Asymmetric Shocks. Concluding Remarks. Comments by D. Currie. Tax Policy in a Single European Market (M. Daly). Introduction. Principal Tax Differences Between EC Countries. The Role of the Corporation Tax in a Single Market. Taxation and Allocative Efficiency in a Single Market. Equity Aspects of International Taxation. Administrative Feasibility and Simplicity. Transparency. The Effectiveness of Tax Incentives for Investment in a Single Market. Tax Convergence and the Threat Posed by Tax Competition to Corporate Tax Revenues. Policy Implications. Obstacles to Tax Harmonisation. Conclusions. Comments by M. Ingberg.

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