Comprehensive Macro Ï¿½ Model For The Us Economy
AbstractWe present a comprehensive macroeconomic model for the US There exist strict longï¿½term relations between real GDP, price inflation, labor force participation, productivity, and unemployment. The evolution of real GDP depends only on exogenous demographic forces. Other macroï¿½variables follow up the real GDP. The links between the variables have been valid during the last several decades. All relations were (successfully) tested for cointegration. Statistical estimates are also presented. The relationships allow a reliable prediction of the macroeconomic state at very large (more than 9 years) time horizons.
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Bibliographic InfoArticle provided by Spiru Haret University, Faculty of Financial Management and Accounting Craiova in its journal Journal of Applied Economic Sciences.
Volume (Year): 3 (2008)
Issue (Month): 4(6)_Winter2008 ()
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Web page: http://www2.spiruharet.ro/facultati/facultate.php?id=14
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US economy; GDP; inflation; unemployment; labor force; productivity; demography;
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