The Craft of Economic Modeling

Dr. Clopper Almon, Jr.
Fifth Edition, January 2012

This is a book about how to build models of a business, an industry, or the whole economy. It explains techniques used both in simple, single-equation models for forecasting the sales of a single product of a single company and also in complex, many-equation models of an entire economy or of the world. The principal example in the first two parts of the book is a macroeconomic model of the USA. The title, The Craft of Economic Modeling, emphasizes that the book does not stop with the theory or even with a few examples. Rather, it leads the reader directly into practice, for it is accompanied by computer software and data that enable the user to apply to practical problems every technique described. Though some of the exercises are just drills in the techniques, many call for originality and creativity in handling real-life problems.

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