SMILE: a small macro-econometric model of the French economy

This report presents theoretical considerations and analyses of past developments related to the formulation of a macro-econometric model of the Lithuanian economy called LITMOD. In addition, a few analyses using the model for simulation of scenarios are included. The purpose of the model is to describe the structure and the short to medium-term development in Lithuanian economy, to secure internal consistency in economic analyses and to assist a structured thinking on economical development and policy issues. The work presented in the report is part of a Danish/British Energy Pre-Accession Project for the Lithuanian Ministry of Economy supported by the Danish Energy Authority and the British Department of Trade and Industry. A focus in the overall project is the development of the energy consumption. However, to obtain reliable forecasts of energy demand, reliable forecasts of the economical development in sectors are needed. The present model is a further development of the LITMOD developed within the Ministry of Economy and the Authors are very grateful for the support and kind assistance from State Secretary Gediminas Miškinis and Head of Economy Development Policy Division Arvydas Kazlauskas. The Ministry of Economy has the authority to use and distribute the present model to potential users.

show abstract

“…However, compared with other studies of wage determination, this is not unreasonable in an estimation on macro time series[Carnot 2002]. …”

mentioning

confidence: 80%

A macro-econometric model of Lithuania LITMOD

et al. 2005

View full text Add to dashboard Cite

show abstract

“…The specification of equation ( 4) makes a reference to the error correction mechanism models. The transformed version of this equation 16 , which is used for simulation purposes only 17 , makes the quarterly increase in food prices dependent on its lagged value, net inflation, the increase in fuel prices and the relative food price in the earlier period. The increase in oil prices is described by equation (5).…”

Section: Basic Relationships In the Modelmentioning

confidence: 99%

“…The second (empirical) version of this relationship, which makes fuel price changes dependent on the price of a barrel of oil in domestic currency, the lagged inflation and changes in the output gap, removes this assumption of the complete transmission. 16 Using identity (2), the general form of equation ( 4):…”

Section: Basic Relationships In the Modelmentioning

confidence: 99%

“…Thus the argument that the search conducted in the comparative studies of the models of EU country economies resulted in identifying the "current fashion" and not the characteristics of the prevalent type of steady state cannot be refuted. 25 Carnot (2001), Carnot (2002). 26 A more recent generation of models includes the models of the Bank of Canada, Sweden, New Zealand, Finland, the Bank of England (the new BEQM model) and also the Smets-Wouters model tested at the ECB.…”

Section: IIImentioning

confidence: 99%

“…[11][12][13][14][15], external demand (Figs. [16][17][18][19][20], EUR/USD cross rate (Figs. [21][22][23][24][25] and world prices (Figs.…”

Section: Responses Of the Msmi Model Variables To Standard Shocksmentioning

confidence: 99%

See 2 more Smart Citations