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An economic model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes. Frequently, economic models posit structural parameters. A model may have…
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| Subject | Predicate | Object | Confidence | Src |
|---|---|---|---|---|
| Economic model | is a | theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them | 0.90 | text |
| Economic model | is a | simplified | 0.90 | text |
| autoregressive conditional heteroskedasticity | instance of | Examples of these are autoregressive moving average models and related ones | 0.80 | text |
| profit or utility maximization | instance of | Other examples of quantitative models are based on principles | 0.80 | text |
| output | instance of | Macroeconomics needs to deal with aggregate quantities | 0.80 | text |
| the price level | instance of | Macroeconomics needs to deal with aggregate quantities | 0.80 | text |
| the interest rate | instance of | Macroeconomics needs to deal with aggregate quantities | 0.80 | text |
| so on | instance of | Macroeconomics needs to deal with aggregate quantities | 0.80 | text |
| output or price | instance of | macroeconomic models usually lump together different variables into a single quantity | 0.80 | text |
| Economic model | has effect | Economic | 0.60 | section |
| Economic model | has effect | Although | 0.60 | section |
| Economic model | has effect | Econometrica | 0.60 | section |
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