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The Need for Economic Models in Economic Policy Making

Author

Listed:
  • Anthonie Knoester
  • Nico van der Windt

Abstract

Economic models can be extremely useful in the process of economic policy making. At the same time it should be emphasised that economic models should never be seen as a panacea for solving all kinds of economic problems. This paper discusses to what extent economic models could act as a useful tool in order to improve the quality in the process of economic policy making. For this purpose we will use the medium term annual model of the Bulgarian economy that recently has been developed at the Agency of Economic Analysis and Forecasting of the Bulgarian Ministry of Finance viz. the AEAF Model.

Suggested Citation

  • Anthonie Knoester & Nico van der Windt, 2003. "The Need for Economic Models in Economic Policy Making," Working paper series 32003en, Agency for Economic Analysis and Forecasting.
    • Handle: RePEc:eaf:wpaper:32003en
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    File URL: http://www.aeaf.minfin.bg/bg/izdaniq/The%20Need%20for%20Economic%20Models_WPS_0302.pdf
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    References listed on IDEAS

    as
    1. Stanimir Barzashki, 1992. "Employment and Unemployment in the Process of Stabilization," Working paper series 61992en, Agency for Economic Analysis and Forecasting.
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    Cited by:

    1. Anthonie Knoester & Nico van der Windt, 2003. "Simulations with the AEAF Мodel," Working paper series 42003en, Agency for Economic Analysis and Forecasting.

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    1. Anthonie Knoester & Nico van der Windt, 2003. "Simulations with the AEAF Мodel," Working paper series 42003en, Agency for Economic Analysis and Forecasting.
    2. Jacky Fayolle, 1992. "Bulgarie : les difficultés d'une transition balkanique," Revue de l'OFCE, Programme National Persée, vol. 42(1), pages 159-197.

    More about this item

    Keywords

    economic modeling; fiscal policy; monetary policy; Bulgaria;
    All these keywords.

    JEL classification:

    • E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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