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

  • Albu, Lucian Liviu

    ()

    (Institute for Economic Forecasting, Romanian Academy)

  • Gorun, Adrian

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.

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File URL: http://www.ipe.ro/rjef/rjef_sup_2010/rjefSup_2010p7-16.pdf
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Article provided by Institute for Economic Forecasting in its journal Romanian Journal for Economic Forecasting.

Volume (Year): (2010)
Issue (Month): 5 ()
Pages: 7-16

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Handle: RePEc:rjr:romjef:v::y:2010:i:5:p:7-16
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  1. Robert J. Barro, 1995. "Inflation and Economic Growth," NBER Working Papers 5326, National Bureau of Economic Research, Inc.
  2. Martin, Philippe & Rogers, Carol Ann, 1997. "Stabilization Policy, Learning-by-Doing, and Economic Growth," Oxford Economic Papers, Oxford University Press, vol. 49(2), pages 152-66, April.
  3. Abigail Barr, 1995. "The missing factor: entrepreneurial networks, enterprises and economic growth in Ghana," Economics Series Working Papers WPS/1995-11, University of Oxford, Department of Economics.
  4. Xavier Sala-I-Martin, 1997. "Transfers, Social Safety Nets, and Economic Growth," IMF Staff Papers, Palgrave Macmillan, vol. 44(1), pages 81-102, March.
  5. Heijdra, Ben J., 2009. "Foundations of Modern Macroeconomics," OUP Catalogue, Oxford University Press, edition 2, number 9780199210695, March.
  6. Albu, Lucian Liviu, 2008. "Trends in Structural Changes and Convergence in EU," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 5(1), pages 91-101, March.
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