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Annex I. Changes to the World Model

Published online by Cambridge University Press:  26 March 2020

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Extract

The Institute's Global Econometric Model (GEM) contains over 300 estimated relationships and the processes of data revision and of structural change in the world economy necessitate continual revision to the model. (Many new equations are reported in the World Economy chapter of the Institute Review, but many others are also introduced without comment.) The model used for the current forecast contains 41 new equations, and these have changed the properties of the model in significant ways.

Type
Articles
Information
National Institute Economic Review , Volume 130 , November 1989 , pp. 43 - 45
Copyright
Copyright © 1989 National Institute of Economic and Social Research

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References

(1) The work included in this version of the model has been undertaken by research staff at NIESR and the London Business School, and has benefited from the comments of economists at HM Treasury, the Bank of England and the World Bank.

(2) Work taken from J. Darby and S. Wren-Lewis, ‘Changing trends in international manufacturing productivity’, NIESR, mimeo.

(3) World Economic Outlook, October 1989, published by the International Monetary Fund, Washington D.C. See especially pp. 59-63, ‘Discrepancies in the World Current Account’.