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Appendix A: Summary of key forecast assumptions

Author

Listed:
  • Dawn Holland
  • Ray Barrell
  • Aurélie Delannoy
  • Tatiana Fic
  • Ian Hurst
  • Ali Orazgani
  • PaweÅ‚ Paluchowski
  • Rachel Whitworth

Abstract

The forecasts for the world and the UK economy reported in this Review are produced using NIESR's global econometric model, NiGEM. The NiGEM model has been in use at the National Institute for forecasting and policy analysis since 1987, and is also used by a group of about 50 model subscribers, mainly in the policy community. Most countries in the OECD are modelled separately, and there are also separate models of China, India, Russia, Hong Kong, Taiwan, Brazil, South Africa, Estonia, Latvia, Lithuania, Slovenia, Romania and Bulgaria. The rest of the world is modelled through regional blocks so that the model is global in scope. All models contain the determinants of domestic demand, export and import volumes, prices, current accounts and net assets. Output is tied down in the long run by factor inputs and technical progress interacting through production functions, but is driven by demand in the short to medium term. Economies are linked through trade, competitiveness and financial markets and are fully simultaneous. Further details on the NiGEM model are available on http://nimodel.niesr.ac.uk/.
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Suggested Citation

  • Dawn Holland & Ray Barrell & Aurélie Delannoy & Tatiana Fic & Ian Hurst & Ali Orazgani & PaweÅ‚ Paluchowski & Rachel Whitworth, 2011. "Appendix A: Summary of key forecast assumptions," National Institute Economic Review, National Institute of Economic and Social Research, vol. 216(1), pages 27-31, April.
    • Handle: RePEc:sae:niesru:v:216:y:2011:i:1:p:f27-f31
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    1. Hoque, Jawad Mahmud & Erhardt, Gregory D. & Schmitt, David & Chen, Mei & Wachs, Martin, 2021. "Estimating the uncertainty of traffic forecasts from their historical accuracy," Transportation Research Part A: Policy and Practice, Elsevier, vol. 147(C), pages 339-349.

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