Medium Term Projections of Demand for Labor With Higher Education and of Employed Population in Romania
AbstractThe projection model of demand for labor with higher education (MCFMSS) and medium-term forecasts make a consistent pattern, circumscribed to the standard macroeconomic theories, which adequately reflect the peculiarities of the Romanian economy and generates plausible results. Due to its complexity, the model is a true macromodel which relates the economic growth forecast with that of growth in employment in a detailed structure. The model has as the main exogenous variables the economy-wide GDP and gross value added by sectors. Starting from a Cobb-Douglas production function, the model proposes a growth scenario of employed population mainly to achieve the Europe 2020 objectives, based on the growth of activity rate, on a moderate GDP growth and on lower unemployment. Three scenarios were considered for all exogenous variables - reserved, moderate and optimistic, the moderate scenario being preferred because the data sets used were short.
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Bibliographic InfoArticle provided by Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest in its journal Knowledge Horizons - Economics.
Volume (Year): 5 (2013)
Issue (Month): 2 (June)
Labor demand; labor projection models; GDP and VAB forecast; employed population forecast;
Find related papers by JEL classification:
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- I25 - Health, Education, and Welfare - - Education - - - Education and Economic Development
- J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
- O15 - Economic Development, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
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