Title

Natural Concepts in Macroeconomics

Authors

Ray C. Fair

Document Type

Discussion Paper

Publication Date

6-1-2005

CFDP Number

1525

CFDP Pages

41

Abstract

Ragnar Frisch proposed in 1936 a procedure for estimating natural variable values by modifying what are now called structural macroeconometric models. This paper shows that Frisch’s procedure can be used to illuminate natural concepts using today’s models. The procedure also forces one to be precise regarding the assumptions used in moving from a short-run model to a medium-run or long-run model.

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