Dynamic Global Economic Models
AbstractThis paper highlights the historical trajectory of the global economic forecasting models of type GEM (Global Economic Model) and a comparative analysis of advantages and limitations offered by each model. The GEM 2004 is based on the correlation that exists between the academic scientific research and the existing economic policy models, which after its application, resulted that real GDP in the euro area will increase as a result of higher capital stock and number of hours worked. Consumption will increase as a result of increased investment and depreciation of the euro, while investments will be influenced by the economic reforms implemented. The GEM 2007 is a multiregional model covering the global economy that allows the analysis of the bilateral trade flows and the relative prices for each region.
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Bibliographic InfoArticle provided by Ovidius University of Constantza, Faculty of Economic Sciences in its journal Ovidius University Annals, Economic Sciences Series.
Volume (Year): XI (2011)
Issue (Month): 2 (May)
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Web page: http://www.univ-ovidius.ro/facultatea-de-stiinte-economice
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evolution of the work; government consumption; government investment; public procurement; GDP growth.;
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