 Economic Policy Decisions in the Perspective of the European Accession: A Simulation ApproachGrzegorz Szafrański ()
Chapter 4 in Acta Universitatis Lodziensis. Folia Oeconomica nr 192/2005 - Issues in Modeling, Forecasting and Decision-Making in Financial Markets, 2005, vol. 192, pp 69-86 from University of Lodz Abstract: Using the standard simulation tools of mathematical economics we analyze the possible macroeconomic policy scenarios and their consequences. We have adjusted the neoclassical growth model to explain the well-known empirical facts typical for the transition economies as labor market imperfections, cyclical behavior, shortages of consumption goods, and capital. To overcome some unrealities of the basic Ramsey-Cass-Koopmans model we have incorporated into the modeling framework such popular economic concepts as Okun’s Law, consumption habit formation, adjustment costs, export potential, foreign direct investment, and public capital accumulation. The questions asked in the simulation study focus on the impact of simultaneous decisions concerning the EMU fiscal criteria and absorption of the EU-funds on the economic growth in the perspective of the income convergence to the EU-15 average. Keywords: Neoclassical model; Accession policy; EU-funds absorption; EMU fiscal criteria (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ann:findec:book:y:2005:n:192:ch:04:foe Access Statistics for this chapter More chapters in FindEcon Chapters: Forecasting Financial Markets and Economic Decision-Making from University of Lodz Contact information at EDIRC. |
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