Macau Subway Map on These models were then used to explain economic events and outcomes, simulate the impact of policies (such as tax cuts) and events (such as wars), and forecast the economic future. His journal essay, A Post-Mortem on Transition Predictions of National Product (1946), grabbed professional attention by explaining why the American economy didn't return to massive unemployment after World War II. During an appointment with the Survey Research Center at the University of Michigan, he expanded this work with Economic Fluctuations in the United States, 192142 (1950), published a pioneering textbook in econometrics (the application of statistical methods to the empirical estimation of economic relationships), and developed (with Arthur Goldberger) the Klein-Goldberger model which brought macroeconomic modeling into mainstream practice. Klein left Michigan for political reasons and found his permanent academic home, after a stint in Europe, at the University of Pennsylvania in 1958.
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There he became the first editor of the International Economic Review, and extended his modeling activities to make quarterly forecasts which included a role of expectations. He established the Wharton Econometric Forecasting Unit (1963), which provided economic forecasts to business clients, plowing revenues back into funding research and student support. The capstone of Klein's modeling program is Project LINK, which he co-founded (1968) and directed.
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