Each Model Link starts an EconModel application. EconModel is a program that explains and simulates economic models.
The process is familiar to most people. When you click on a link to the file ‘paper.pdf,’ your browser hands the pdf file to Adobe Reader. When you click on a Model Link (for example, the file ‘classic.em0’), your browser hands the em0 file to EconModel.
EconModel applications typically include two types of material:
- Model Building. The core of each presentation is an emulation of a typical chalkboard presentation of the model.
- Policy Analysis. The user can change variables and parameters to study policy changes. This helps in understanding the properties and economic implications of the model.
To activate the model links for Classic Economic Models, you need to download and install the EconModel program.
Visit this site to know about economic models including the classic models