Using Grey Production Functions in the Macroeconomic Modelling: An Empirical Application for Romania
The work is a development of our earlier studies containing empirical application of models with representative agent. The extensions developed in this paper consist of the following: the introduction of the labor market via the use of labor as the second production factor, the use of the GM(1,1) algorithm in order to adjust the capital and labor data series and to compute grey Cobb-Douglas production function, and finally the comparison of the results obtained applying the model to the actual data and the grey data. The grey production function is estimated using GM(1,1) adjusted statistical series of the GDP, capital stock and labor data. For the two vari-ants we computed the predictions of the indicators: real GDP, consumption, government ex-penditures, trade balance, and burden of debt.
Volume (Year): 18 (2014)
Issue (Month): 4 ()
|Contact details of provider:|| Postal: 6 ROMANA PLACE, 70167 - BUCHAREST|
Web page: http://revistaie.ase.ro/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Alan P. Kirman, 1992. "Whom or What Does the Representative Individual Represent?," Journal of Economic Perspectives, American Economic Association, vol. 6(2), pages 117-136, Spring.
- Hansen, Lars Peter & Sargent, Thomas J., 1980.
"Formulating and estimating dynamic linear rational expectations models,"
Journal of Economic Dynamics and Control,
Elsevier, vol. 2(1), pages 7-46, May.
- Lars Peter Hansen & Thomas J. Sargent, 1979. "Formulating and estimating dynamic linear rational expectations models," Working Papers 127, Federal Reserve Bank of Minneapolis.
When requesting a correction, please mention this item's handle: RePEc:aes:infoec:v:18:y:2014:i:4:p:154-164. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Paul Pocatilu)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.