Search Results - Business Economics

A heterogeneous-agent model of growth and inequality for the UK : what has caused the UKs growth collapse since 2008?

Minford, Patrick; Zhu, Zheyi - 2026

This paper builds on Yang et al. (2021). This analysed the e§ect on UK economic growth of wealth inequality and tax or regulative disincentives to entrepreneurs, over recent decades with a heterogeneousagent growth model where agents can enhance individual productivity growth by undertaking...

Persistent link: https://econbiz.de/10015654761

Testing models with fat tails via indirect inference

Minford, Patrick; Meenagh, David - 2026

Fat tails can in principle undermine the power of the standard indirect inference test. We examine this issue with Monte Carlo experiments, first for a New Keynesian model solved by the nonlinear algorithm method of Fair and Taylor. Here we find that the standard test has its usual high power,...

Persistent link: https://econbiz.de/10015672849

Is there PPP in the data? New evidence from a structural DSGE model

Minford, Patrick; Ou, Zhirong; Zhu, Zheyi - 2025

Persistent link: https://econbiz.de/10015444946

UK economic growth and inequality from 1870

Le, Vo Phuong Mai; Meenagh, David; Minford, Patrick; … - 2025

Persistent link: https://econbiz.de/10015444957

Indirect inference for the identification of star variables in macroeconomic models

Minford, Patrick; Xu, Yongdeng - 2025

Persistent link: https://econbiz.de/10015444974

A heterogeneous-agent model of growth and inequality for the UK - do planning and infrastructure matter? A supplementary note

Minford, Patrick; Zhu, Zheyi - 2025

Persistent link: https://econbiz.de/10015444981

Why applied macroeconomists should not use Bayesian estimation of DSGE models

Meenagh, David; Minford, Patrick; Xu, Yongdeng - 2025

experiments on two canonical DSGE models (a Real Business Cycle model and a New Keynesian model), that Bayesian estimation may …

Persistent link: https://econbiz.de/10015620049

Indirect inference for the identification of star variables in macroeconomic models

Minford, Patrick; Xu, Yongdeng - 2025

Star variables, such as potential output and the neutral real interest rate, are fundamental to economic policymaking but challenging to identify due to their latent nature. Buncic, Pagan, and Robinson (2023) highlight the difficulty of identifying star variables within short macroeconomic...

Persistent link: https://econbiz.de/10015329658

Is there PPP in the data? : new evidence from a structural DSGE model

Minford, Patrick; Ou, Zhirong; Zhu, Zheyi - 2025

There has been a long-running debate in international macroeconomics about whether there is purchasing power parity (PPP) in the data. But while the literature has been dominated by reduced-form evidence focusing on the real exchange rate dynamics including its long-run behaviour, little...

Persistent link: https://econbiz.de/10015329671

UK economic growth and inequality from 1870

Le, Vo Phuong Mai; Meenagh, David; Minford, Patrick; … - 2025

This paper examines the long-term relationship between economic growth and inequality in the UK using an endogenous growth model with heterogeneous agents. The model links entrepreneurial incentives to individual wealth, showing how wealth distribution endogenously influences growth. Estimation...

Persistent link: https://econbiz.de/10015329672