In addition, there are some details which are mentioned, and which you'll need to refer back to subsequently. It can be changed, of course, and is not so important for the first couple of exercises. Another example is the fact that some variables refer to years, and others to quarters. Those of us who are less disciplined will jump into Chapter 5, and probably scurry back to the preliminary materials as panic sets in. Click here for the Syllabus .
Further bibliography is available, to complement the Syllabus.
Click here to access the Fairmodel site. Skeptical economists might well wonder how much this model reflects the interventionist attitudes dominant in economics when this type of macroeconometric model was first being developed. One fundamental issue is the long run multiplier of expansionary fiscal policy, which is addressed in the first exercise. More importantly, the rational expectations critique of countercyclical policy is addressed in Workbook Section 13.3, and other technical works, such as Fair's 1993 book, as well as his article in the 1993 American Economic Review. This is the topic for one of the papers.