Quantitative Economic Policy Essays in Honour of Andrew Hughes Halle
Quantitative economic policy and econometrics were developed along with macroeconomics in the 1930s. Econometric techniques and models are still being used extensively in the business of forecasting and policy advice. In particular, policy simulations wit
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Advances in Computational Economics VOLUME 20
SERIES EDITORS Hans Amman, University of Amsterdam, The Netherlands Anna Nagurney, University of Massachusetts at Amherst, USA
EDITORIAL BOARD Anantha K. Duraiappah, European University Institute John Geweke, University of Minnesota Manfred Gilli, University of Geneva Kenneth L. Judd, Stanford University David Kendrick, University of Texas at Austin Daniel McFadden, University of California at Berkeley Ellen McGrattan, Duke University Reinhard Neck, University of Klagenfurt Adrian R. Pagan, Australian National University John Rust, University of Wisconsin Berc Rustem, University of London Hal R. Varian, University of Michigan
The titles published in this series are listed at the end of the volume
Reinhard Neck · Christian Richter Peter Mooslechner Editors
Quantitative Economic Policy Essays in Honour of Andrew Hughes Hallett
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Professor Dr. Reinhard Neck Department of Economics Klagenfurt University Universitätsstraße 65–67 9020 Klagenfurt Austria [email protected]
Dr. Peter Mooslechner Oesterreichische Nationalbank Otto-Wagner-Platz 3 1090 Wien Austria [email protected]
Dr. Christian Richter Department of Economics Loughborough University Loughborough, LE 11 3TU, UK [email protected]
ISBN 978-3-540-74683-6
e-ISBN 978-3-540-74684-3
Library of Congress Control Number: 2007936064 © 2008 Springer-Verlag Berlin Heidelberg This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcas-ting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: WMX Design GmbH, Heidelberg Printed on acid-free paper 987654321 springer.com
Preface
November 1, 2007, will be Andrew Hughes Hallett’s 60th birthday. To celebrate this occasion, some of his many friends and former students decided to collaborate on the project of a volume in his honour. The present Festschrift is the result of this decentralized but cooperative effort. In view of his research interests, the overall topic is quantitative economic policy. Indeed, Andrew Hughes Hallett has been a prolific and leading contributor to both the theory and applications of quantitative economic policy over more than 30 years. Most applications of the theory of quantitative economic policy involve econometric modelling and pertain to macroeconomics; hence it is no surpris
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