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The Choice of Input-Out Table Embedded in Regional Econometric Input-Out Models

Author

Listed:
  • P R Israilevich
  • R Mahidhara
  • G J Hewings

Abstract

In this paper we investigate the role of input-output data source in the regional econometric input-output models. While there has been a great deal of experimentation focused on the accuracy of alternative methods for estimating regional input-output coefficients, little attention has been directed to the role of accuracy when the input-output system is nested within a broader accounting framework. The issues of accuracy were considered in two contexts, forecasting and impact analysis focusing on a model developed for the Chicago Region. We experimented with three input-output data sources: observed regional data, national input-output, and randomly generated input-output coefficients. The effects of different sources of input-output data on regional econometric input-output model revealed that there are significant differences in results obtained in impact analyses. However, the adjustment processes inherent in the econometric input-output system seem to mute the initial differences in input- output data when the model is used for forecasting. Since applications of these types of models involve both impact and forecasting exercises, there would still seem to be a strong motivation for basing the system on the most accurate set of input-output accounts.

Suggested Citation

  • P R Israilevich & R Mahidhara & G J Hewings, 1994. "The Choice of Input-Out Table Embedded in Regional Econometric Input-Out Models," Working Papers 94-1, Center for Economic Studies, U.S. Census Bureau.
    • Handle: RePEc:cen:wpaper:94-1
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    File URL: https://www2.census.gov/ces/wp/1994/CES-WP-94-01.pdf
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    References listed on IDEAS

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    1. Katz, Joseph L & Burford, Roger L, 1985. "Shortcut Formulas for Output, Income and Employment Multipliers," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 19(2), pages 61-76, July.
    2. Hewings, Geoffrey J. D., 1984. "The role of prior information in updating regional input-output models," Socio-Economic Planning Sciences, Elsevier, vol. 18(5), pages 319-336.
    3. Philip R. Israilevich & Ramamohan Mahidhara, 1991. "Hog butchers no longer: 20 years of employment change in metropolitan Chicago," Economic Perspectives, Federal Reserve Bank of Chicago, vol. 15(Mar), pages 2-13.
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