An empirical analysis of simulated model of economic growth for United Kingdom

Adamopoulos Antonios

Journal of Statistical and Econometric Methods, 2019, vol. 8, issue 3, 1

Abstract: This study investigates a simulation model of economic growth for United Kingdom for the period 1970-2017. The purpose of this study is to examine the main determinants of economic growth examining a structural system equation model. Two stage least squares method is used in order to examine the direct and indirect relationships between the dependent variables of the model. Finally, a Monte Carlo simulation method is applied in order to define the sensitivity analysis and predictive ability of the estimated system equation model. JEL Classification Numbers: O11, C22Keywords: economic growth, system equation model, Monte Carlo simulation

Date: 2019
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