Inforum Models: Origin, Evolution, and By-ways Avoided

Loading...
Thumbnail Image

Files

AlmonYuVYaConf.pdf (141.43 KB)
No. of downloads: 335

Publication or External Link

Date

2015

Advisor

Citation

Studies on Russian Economic Development 27(2) 119-126

Abstract

Inforum models combine input-output tables with econometric analysis in dynamic models in which the investment in each industry depends upon the growth of output in that industry. They have been built and used in a number of countries including the USA, Russia, Germany, Poland, Latvia, Austria, Italy, Spain, the United Kingdom, South Africa, Mexico, Colombia, China, Japan, Taiwan, Thailand, and Vietnam and perhaps others. They make extensive use of econometrics and input-output analysis to describe the functioning of an economy not only at a macroeconomic level but also at the level of individual products and industries. This paper records – somewhat autobiographically on the part of the author -- the beginnings of these models, outlines their evolution, defends them and other econometric models against the sweeping Lucas critique, and mentions some of the fads in economics and modeling which have been avoided for good reason.

Notes

Rights