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While working on his doctoral thesis, which was essentially on economic theory, Klein also began to cultivate an interest in econometrics, making an important contribution (following up on the work of Haavelmo, 1943) to identification in simultaneous equation models (Klein, 1943).
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Oct 25, 2013 · Klein constructed the Wharton Econometric Forecasting Model, which was used to forecast fluctuations in national product, exports, investments and consumption, and to study their effect on areas such as taxation, public expenditure and rising oil prices.
Sep 1, 2014 · With Jan Tinbergen's pioneering model building effort in the late 1930s as a strong inspirational source Klein was the first practitioner of macroeconometric modeling and he can well be said to have created this field in economics. With the modeling came also forecasting, policy analysis and other purposes toward which models can be useful.
- Olav Bjerkholt
- 2014
This model, considerably smaller than the Brookings model, achieved a very good reputation for its analysis of business conditions, used to forecast fluctuations including national product, exports, investments, and consumption, and to study the effect on them of changes in taxation, public expenditure, oil price, etc.
On Lawrence R. Klein's contributions to economics 89 importance of economic theory that itself set a style for further research workers in the field. For Klein, the economic theory and the representation of the working of the economy in statistical terms were inevitably intertwined. He took the broad Keynesian model of the economic system and ...
Mar 25, 2021 · Abstract. Lawrence Robert Klein, pioneer in economic model building and in econometric forecasting and policy analysis in industry and government, was awarded the Nobel Memorial Prize in economic sciences in 1980.
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Jul 1, 2014 · Before going any further, however, it is worth remarking that if, as the Nobel Prize motivation observed, Klein's main contributions were to the construction and analysis of empirical economic models, his work on the theoretical principles and methods of econometrics was equally outstanding.
