The Choice of Input-Out Table Embedded in Regional Econometric Input-Out Models
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.
|Date of creation:||Jan 1994|
|Date of revision:|
|Contact details of provider:|| Postal: 4600 Silver Hill Road, Washington, DC 20233|
Phone: (301) 763-6460
Fax: (301) 763-5935
Web page: http://www.census.gov/ces
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.:
- 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.
- G J D Hewings, 1977. "Evaluating the possibilities for exchanging regional input - output coefficients," Environment and Planning A, Pion Ltd, London, vol. 9(8), pages 927-944, August.
- 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.
- 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, issue Mar, pages 2-13.
When requesting a correction, please mention this item's handle: RePEc:cen:wpaper:94-1. 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: (Fariha Kamal)
If references are entirely missing, you can add them using this form.