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Examples of New Macroeconomic Modelling and Simulation Techniques: How They Could Improve Decisions and Public Perception

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Author Info

  • Albu, Lucian Liviu

    ()
    (Institute for Economic Forecasting, Romanian Academy)

  • Gorun, Adrian

Abstract

Macroeconomic 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 Info

Article provided by Institute for Economic Forecasting in its journal Romanian Journal for Economic Forecasting.

Volume (Year): (2010)
Issue (Month): 5 ()
Pages: 7-16

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Handle: RePEc:rjr:romjef:v::y:2010:i:5:p:7-16

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Related research

Keywords: forecasting; macroeconomic models; simulation models; spatial distribution; convergence;

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References

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  1. Xavier Sala-i-Martin, 1996. "Transfers, Social Safety Nets, and Economic Growth," IMF Working Papers 96/40, International Monetary Fund.
  2. Abigail Barr, 1995. "The missing factor: entrepreneurial networks, enterprises and economic growth in Ghana," Economics Series Working Papers WPS/1995-11, University of Oxford, Department of Economics.
  3. Robert J. Barro, 2012. "Inflation and Economic Growth," CEMA Working Papers 568, China Economics and Management Academy, Central University of Finance and Economics.
  4. Heijdra, Ben J., 2009. "Foundations of Modern Macroeconomics," OUP Catalogue, Oxford University Press, edition 2, number 9780199210695.
  5. Albu, Lucian Liviu, 2008. "Trends in Structural Changes and Convergence in EU," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 5(1), pages 91-101, March.
  6. Martin, Philippe & Rogers, Carol Ann, 1995. "Stabilization Policy, Learning by Doing, and Economic Growth," CEPR Discussion Papers 1130, C.E.P.R. Discussion Papers.
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Cited by:
  1. Andrei, Dalina Maria, 2012. "Foreign Direct Investments in Romania. A Structural and Dynamic View," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(4), pages 129-146, December.

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