[Econometric model of the gross domestic product of Latvia]
2000
Arhipova, I. (Latvia Univ. of Agriculture, Jelgava (Latvia). Inst. of Informatics. Dept. of Informatics)
The use of macroeconomic models has developed extensively since the 1960. Essentially a macroeconomic model is an attempt to decsribe an economy. The construction of a macroeconomic model requires the following steps: statement of theory or hypothesis; specification of the econometric model; obtain the data necessary to estimate the parameters of the model; estimation of the parameters of the chosen econometric model; tests of the hypothesis derived from the model; forecasting. To illustrate these steps considered a simple Keynesian model, which describes in dynamics of consumption expenditure Ct, investment It and gross domestic product Yt. At the outset, it should be emphasized that the model is used purely for illustrative purposes and has no relationship to any real economy.
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