An error correction approach to modelling money balances and reserves

Article Abstract:

The error correction system set forth by Phillips in 1991 provides the framework for an economic model of the official money reserves of Turkey within the 1960-1988 period. Moreover, the system's parameters associated with balance demonstrate close correlation to the vector autoregressive modelling systems proposed by Johansen-Juselius in 1990. The two approaches, however, will not show identical results when evaluating small samples because each has been based on fundamental theories which are not symptotic.

Money Supply, Turkey

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A neutral network and econometric comparison of the relative importance of fiscal and monetary actions

Article Abstract:

Neural network and econometric models were used to evaluate the importance of fiscal and monetary policy on Gross National Product (GNP). Utilization of both models revealed that fiscal policy creates a more significant impact on GNP than monetary policy. The evaluation also revealed that neural networks generate a more precise and more reliable forecasts of GNP than the econometric model.

Econometrics & Model Building, Usage, Computer networks, Neural networks, Econometrics, Fiscal policy, Monetary policy, Business models

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