Economic modelling : Current Issues and Problems in Macroeconomic Modelling in the UK and the US / edited and preface by Paul Ormerod ; foreword by R.J. Ball ; R.J. Ball, Jeremy Bray, Andrew Britton, Alan Budd, Terry Burns, Francis Cripps, Martin Fetherston, Gary Fromm, C.A.E. Goodhart, David F. Hendry, Jim Hibberd, Sean Holly, Lawrence R. Klein, A.R. Latter, Geoff Lewis, D.A. Livesey, Stephen K. McNees, Peter Richardson, Berc Rustem, Peter Spencer, P.J. Warburton, John Westcott, Richard M. Young, Martin Zarrop.

Foreword / by R.J. Ball, v -- Notes on contributors, ix -- Preface / by Paul Ormerod, xi -- The Present State of the Art / by Alan Budd, 1 -- Part I. Macroeconomic models of the UK, 23 -- 1. Some issues in economic modelling at the Bank of England / by A.R. Latter, 25 -- 2. Cambridge Economic Policy Group methodology / by Francis Cripps and Martin Fetherston, 40 -- 3. Some problems in the development of the treasury model / by HM Treasury, 53 -- 4. The London Business School Model of the UK Economy: an exercise in international monetarism / by R.J. Ball, T. Burns, P.J. Warburton, 86 -- 5. The National Institute Model of the UK Economy: some current problems / by Paul Ormerod, 115 -- Part II. Modelling the monetary sector, 141 -- 6. Money in an open economy / by C.A.E. Goodhart, 141 -- Part III. Optimal control and economic models, 169 -- 7. The design of economic stabilisation policies with large non-linear econometric models: two possible approaches by / Martin Zarrop, Sean Holly, Berc Rustem, John Westcott, 171 -- 8. Methodological aspects of the indirect benefits of optimal control theory / by D.A. Livesey, 193 -- Part IV. Developments in econometrics, 215 -- 9. Predictive failure and econometric modelling in macroeconomics: the transactions demand for money by / David F. Hendry, 217 -- Part V. Economic models in practice, 243 -- 10. The accuracy of macroeconometric models and forecasts of the US economy / by Stephen K. McNees 245 -- 11. Forecasting the US economy with an econometric model / by Richard M. Young, 265 -- 12. Use of econometric models for international economic policy formulation / by Gary Fromm, 287 -- 13. Use of econometric models in the policy process / by Lawrence R. Klein, 309 -- 14. Current model testing procedures of UK modellers / by Jeremy Bray, 330 -- Index, 343.