Macroeconometric models, in many ways the flagships of the economist's profession in the 1960s, came under increasing attack from both theoretical economist and practitioners in the late 1970s. Critics referred to their lack of microeconomic theoretical foundations, ad hoc models of expectations, lack of identification, neglect of dynamics and non-stationarity, and poor forecasting properties. By the start of the 1990s, the status of macroeconometric models had declined markedly, and had fallen completely out of, and with, academic economics. Nevertheless, unlike the dinosaurs to which they often have been likened, macroeconometric models have never completely disappeared from the scene. ÍNDICE: 1 Introduction 2 Methodological issues of large scale macromodels 3 The Norwegian main-course model 4 The Phillips curve 5 Wage bargaining and price setting 6 Wage-price dynamics 7 The New Keynesian Phillips Curve 8 Money and inflation 9 Transmission channels and model properties 10 Evaluation of monetary policy rules 11 Forecasting using econometric models 12 Appendices