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We show that a simple and intuitive three-parameter equation fits remarkably well the evolution of the gross domestic product (GDP) in current and constant dollars of many countries during times of recession and recovery. We then argue that this equation is the response function of the economy...
Persistent link: https://www.econbiz.de/10003881293
Using survey forecast data, we study if professional forecasters utilize long-run co-integration relationships among macroeconomic variables to forecast future as postulated in workhorse stochastic growth models. There exists a significant heterogeneity among forecasters, the majority of whom do...
Persistent link: https://www.econbiz.de/10012832555
The paper proposes a novel theory-based approach to economic growth prediction. In the economy populated with …
Persistent link: https://www.econbiz.de/10013100255
The study presents a comprehensive overview of labour market forecasting activities, mostly quantitative, based on multi-sector models, in 12 countries and the European Union. The principal aim of this effort is to provide ideas, lessons and benchmarks for similar forecasting exercises in...
Persistent link: https://www.econbiz.de/10009727249
The study was prepared in the framework of the "Priority Project TÁMOP - 2.3.2-09/1: Establishing labour market forecasts and foreseeing structural changes". It presents a comprehensive overview of labour market forecasting activities, mostly quantitative, based on multi-sector models, in 12...
Persistent link: https://www.econbiz.de/10009632204
Persistent link: https://www.econbiz.de/10003917002
Persistent link: https://www.econbiz.de/10003603498
This book explores how to set up an empirical model that helps with forecasting long-term economic growth in a large number of countries. It offers a systematic approach to models of potential GDP that can also be used for forecasts of more than a decade. It is an attempt to fill the wide gap...
Persistent link: https://www.econbiz.de/10013520921
Persistent link: https://www.econbiz.de/10001836498
We compare the government investment and government consumption multipliers in the advanced economies during the recent … investment multiplier is likely to be much higher than what has been assumed by the policy makers and much higher that the … consumption multiplier. This points out that the consolidation should be accompanied by increased public investment …
Persistent link: https://www.econbiz.de/10013034547