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Regional disparities in GDP and disposable income in Belgium

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  • Dirk Hoorelbeke

Abstract

HERMREG is a regional econometric model for Belgium. It provides midterm forecasts for the three Belgian regions (the Brussels Capital Region, the Flemish Region and the Walloon Region) on a sectoral level. The model started off as a top-down model, but recently the model has been enriched with some bottom-up elements. In a production function framework with four production factors (capital, labour, energy and other intermediate inputs) the demand functions four these production functions are derived. Both short term and long term versions of these demand functions are estimated on a regional and sectoral level. Both the used methodology and estimation results will be presented. A comparison of forecasts using the 'old' top-down model and the 'new' hybrid model will also be presented as well as some technical variants (e.g. oil price shock and a regional shock).

Suggested Citation

  • Dirk Hoorelbeke, 2013. "Regional disparities in GDP and disposable income in Belgium," EcoMod2013 5327, EcoMod.
    • Handle: RePEc:ekd:004912:5327
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    Keywords

    Belgium ; Macroeconometric modeling; Regional modeling;
    All these keywords.

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