equation or series of equations meant to model the economy to compare the results of a certain policy change (like the stimulus bill) against the results of a baseline in which the change was not enacted. This avoids the messiness of econometric evaluation, as it allows the creation of a ready, stimulus-less counterfactual with which one can compare the results of the stimulus bill. But it also doesn’t take into account the actual changes in employment and output that occurred after the stimulus was passed…
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