Macroeconometricians do four tins: describe and summarize macro- economic data, make macroeconomic forecasts, quantify what we do or do not know about the true structure of the macroeconomy, and advise (and sometimes become) macroeconomic policymakers. In the 1970s, these four tasks-data description, forecasting, structural inference and policy analysis-were performed using a variety of techniques. These ranged from large models with hundreds of equations to single-equation models that focused on interactions of a few variables to simple univariate time series models involving only a single variable.
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