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Long-term macroeconometric models

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  • Welfe, Wladyslaw

Abstract

Long-term forecasts and scenario analysis should be based on macroeconometric models. The core of long-term models is extended by introducing production functions generating potential output. Their specification includes total factor productivity (TFP) being representative of technological progress. It depends on knowledge capital, i.e. human capital, domestic and foreign R&D. Several channels of transfer of foreign R&D can be distinguished.

Suggested Citation

  • Welfe, Wladyslaw, 2011. "Long-term macroeconometric models," Economic Modelling, Elsevier, vol. 28(1), pages 741-753.
    • Handle: RePEc:eee:ecmode:v:28:y:2011:i:1:p:741-753
    DOI: 10.1016/j.econmod.2010.05.002
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    References listed on IDEAS

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