“Ray Fair's pioneering work in macroeconomic modeling has been extraordinarily influential over the past half-century. This volume provides a comprehensive view of Fair's unique perspective and insights on this topic.”
Andrew Levin, Professor of Economics, Dartmouth College
“Before SVARs and DSGE models existed, there were macroeconometric models in the Cowles Commission tradition. This book presents a masterful version of the latter, continuously updated by the author, to address timely macroeconomic policy questions.”
Frank Schorfheide, Christopher H. Browne Distinguished Professor of Economics, University of Pennsylvania; coauthor of Bayesian Estimation of DSGE Models
“This book gives a very transparent overview of the data, estimation, and evaluation issues involved in developing a large, semi-structural macroeconometric model for the US economy. It is an excellent core tool for economic analysis and forecasting.”
Frank Smets, Advisor to the Executive Board, European Central Bank
“A remarkable book from a remarkable author. Ray Fair's empiricism is grounded in fact, ruthlessly honest, and never doctrinaire. When you've read enough of modern macroeconomics that sacrifices empirical reality to theoretical purity, turn to Macroeconomic Modeling for a breath of fresh air.”
Alan S. Blinder, Gordon S. Rentschler Memorial Professor of Economics and Public Affairs, Princeton University; author of A Monetary and Fiscal History of the United States, 1961–2021
