The Liverpool macroeconomic model of the United Kingdom

Minford, Anthony Patrick Leslie ORCID: https://orcid.org/0000-0003-2499-935X, Marwaha, S., Matthews, Kent Gerard Patrick ORCID: https://orcid.org/0000-0001-6968-3098 and Sprague, A. 1984. The Liverpool macroeconomic model of the United Kingdom. Economic Modelling 1 (1) , pp. 24-62. 10.1016/0264-9993(84)90010-5

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Abstract

The paper describes the Liverpool Model, a rational expectations model of the UK economy used for forecasting since March 1980. The model is of the ‘new classical’ type, in that all markets clear; in the labour market, there is a union sector with one-year nominal wage contracts but the non-union sector clears excess demands. Equilibrium (or ‘natural rate’) values of output, employment, real wages, etc are endogenously determined. In- and out-of-sample errors, a full set of simulations, and a complete listing are included. The interim experience of the model as a test bed for rational expectations methods is ‘far from discouraging’.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Schools > Business (Including Economics)
Subjects:	H Social Sciences > HC Economic History and Conditions H Social Sciences > HG Finance
Uncontrolled Keywords:	Macroeconomic models; UK; Rational expectations
Publisher:	Elsevier
ISSN:	0264-9993
Last Modified:	24 Oct 2022 11:45
URI:	https://orca.cardiff.ac.uk/id/eprint/49228

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