A model in macroeconomics is designed to simulate the operation of a national or international economy in terms of factors including the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the general behavior of prices.
Such models are used to generate economic forecasts, and to produce what if scenarios, and are widely used by international organisations, national govermnents and larger corporations, as well as by economics consultancies and think tanks.
University of Melbourne - The Simulation of MacroEconometric Models (http://www.economics.unimelb.edu.au/simulation/simhome.html)
FAIRMODEL - US models to download (http://fairmodel.econ.yale.edu/main.htm)
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Macroeconomics is a sub-field of economics that examines the behavior of the economy as a whole, once all of the individual economic decisions of companies and industries have been summed.
Macroeconomics is sometimes used to refer to a general approach to economic reasoning, which includes long term strategies and rational expectations in aggregate behavior.
The first global macroeconomicmodel, Wharton Econometric Forecasting Associates LINK project, was initiated by Lawrence Klein and was mentioned in his citation for the Nobel Memorial Prize in Economics in 1980.
Models capture historical regularities, identify key assumptions that must be made to condition the forecast, embody estimates of the effects of past and future policy actions on the economy, and provide a disciplined approach to learning from past errors.
The model forecast is conditioned by the same set of assumptions as the judgmental forecast and statistical models are used to generate the path of adjustment factors, avoiding any role for judgment in the forecast.
The members of the model group also actively participate in the discussions as the judgmental forecast evolves, focusing in particular on the consistency between the adjustment factors that would be required to impose the judgmental forecast on the model and the pattern of adjustment factors in the "pure" model forecast.
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