Examples of New Macroeconomic Modelling and Simulation Techniques: How They Could Improve Decisions and Public Perception
AbstractMacroeconomic forecasting started around the Second World War as a way to test economic theories, but it also has a number of very concrete uses, playing an increasing role as an input in decision-making. The first macroeconomic models were produced by two famous economists, Tinbergen in 1939 and Klein in 1950, further recompensed with the Nobel Prise in Economics. During the last decades, the economic forecasting and macroeconomic modelling have taken on an increasingly important role in elaborating various economic policies and medium- and long-term development strategies. In the first part of this article, we are presenting synthetically the last trends in forecasting and macroeconomic modelling. The next part is devoted to show how new models and simulation techniques could improve the actions of decision makers and public perception.
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Bibliographic InfoArticle provided by Institute for Economic Forecasting in its journal Romanian Journal for Economic Forecasting.
Volume (Year): (2010)
Issue (Month): 5 ()
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forecasting; macroeconomic models; simulation models; spatial distribution; convergence;
Find related papers by JEL classification:
- E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications
- E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications
- J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
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