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

Lucian Albu and Adrian Gorun

Journal for Economic Forecasting, 2010, issue 5, 7-16

Abstract: 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.

Keywords: forecasting; macroeconomic models; simulation models; spatial distribution; convergence (search for similar items in EconPapers)
JEL-codes: E17 E37 J21 O11 (search for similar items in EconPapers)
Date: 2010
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Handle: RePEc:rjr:romjef:v::y:2010:i:5:p:7-16