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

Author

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  • 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.

Suggested Citation

  • Albu, Lucian Liviu & Gorun, Adrian, 2010. "Examples of New Macroeconomic Modelling and Simulation Techniques: How They Could Improve Decisions and Public Perception," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(5), pages 7-16.
    • Handle: RePEc:rjr:romjef:v::y:2010:i:5:p:7-16
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    References listed on IDEAS

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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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    More about this item

    Keywords

    forecasting; macroeconomic models; simulation models; spatial distribution; convergence;
    All these keywords.

    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, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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