Adrian R. Pagan

I attended a seminar given by Prof. Pagan from Australia about macroeconomic modelling for policy purposes. To sum up, he said that dynamic stochastic general equilibrium models, though strong on economics, actually do not fit the data well. And to fit the data well is crucial for policy purposes.
He also said that the best model nowadays is the Canadian TOTEM. That's all what I remember. :-))