Large-scale macroeconometric modeling has been an avid activity for economists for a long time in the academic, business and policy circles. Economists believe that macromodelling is the best way of understanding the economy-wide causal networks of macro variables. However, modelling large economies was never been easy considering competing theories and inadequate model selection methods. As a result, models based on different theoretical paradigms, often with conflicting implications co-exist without being clearly preferred from one to the other. In this context, empirical evaluation of...