Long-term macroeconometric models

Wladyslaw Welfe

Economic Modelling, 2011, vol. 28, issue 1, 741-753

Abstract: Long-term forecasts and scenario analysis should be based on macroeconometric models. The core of long-term models is extended by introducing production functions generating potential output. Their specification includes total factor productivity (TFP) being representative of technological progress. It depends on knowledge capital, i.e. human capital, domestic and foreign R&D. Several channels of transfer of foreign R&D can be distinguished.

Keywords: Macromodels; Extended production functions; Knowledge capital; Long-term forecasts; Scenarios (search for similar items in EconPapers)
Date: 2011
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0264999310000817
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:ecmode:v:28:y:2011:i:1:p:741-753

DOI: 10.1016/j.econmod.2010.05.002

Access Statistics for this article

Economic Modelling is currently edited by S. Hall and P. Pauly

More articles in Economic Modelling from Elsevier
Bibliographic data for series maintained by Catherine Liu ().