Evaluation of the MAKRO model

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08-11-2021
MAKRO

A group of international experts has made a written evaluation of MAKRO. The expert group concludes that the model meets international standards and is ready to be used.

Abstract

Earlier this year, MAKRO's Board decided to launch an external and independent evaluation of the model. The evaluation was done by a group of experts in economic modelling, which has now come up with its written evaluation of the model's beta version.

Overall, the expert group concludes that the beta version of MAKRO lives up to international standards and that the properties of the model are reasonable. In addition, the expert group adds a number of more detailed comments and suggestions for long-term development projects for the model. The paper contains the full statement of the group of experts.

Prior to the evaluation of the model, the MAKRO group has held a number of meetings with the expert group, where the model group has presented written material, including documentation of and analyzes of the model. In addition, the experts have had the opportunity to ask further questions about modeling, marginal properties, empirical basis, etc.

The group of experts consists of:

  • Erika Damsgaard (team leader)
    Head of the Swedish The National Institute of Economic Research.
  • Douglas Laxton
    Formerly in charge of the economic modelling division in the IMF’s research department.
  • Werner Roeger
    Formerly responsible for economic models in the European Commission.