The Need for Economic Models in Economic Policy Making

Anthonie Knoester and Nico van der Windt

No 32003en, Working paper series from Agency for Economic Analysis and Forecasting

Abstract: Economic models can be extremely useful in the process of economic policy making. At the same time it should be emphasised that economic models should never be seen as a panacea for solving all kinds of economic problems. This paper discusses to what extent economic models could act as a useful tool in order to improve the quality in the process of economic policy making. For this purpose we will use the medium term annual model of the Bulgarian economy that recently has been developed at the Agency of Economic Analysis and Forecasting of the Bulgarian Ministry of Finance viz. the AEAF Model.

Keywords: economic modeling; fiscal policy; monetary policy; Bulgaria (search for similar items in EconPapers)
JEL-codes: E17 E52 E62 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2003-06
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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