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Modelling Behaviour

In: Economic Forecasting

Author

Listed:
  • Nicolas Carnot
  • Vincent Koen
  • Bruno Tissot

Abstract

This chapter presents the specifications that are generally adopted to describe agents’ economic behaviour. Section 5.1 deals with enterprise investment (fixed and stockbuilding), which plays a prominent role as a driver of economic fluctuations. Section 5.2 proceeds with household spending (consumption and residential investment). Section 5.3 discusses imports, exports, world demand and competitiveness. Section 5.4 covers employment and Section 5.5 wage-price dynamics. In the process, this chapter surveys the commonly used specifications, including their theoretical underpinnings and their typical results. The presentation draws heavily on error-correction equations, as they are intuitive, enlightening and frequently used by practitioners (see Box 5.1). Estimation methods per se are beyond the scope of this book but are presented in standard econometrics textbooks.

Suggested Citation

  • Nicolas Carnot & Vincent Koen & Bruno Tissot, 2005. "Modelling Behaviour," Palgrave Macmillan Books, in: Economic Forecasting, chapter 5, pages 103-132, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-00581-5_5
    DOI: 10.1057/9780230005815_5
    as

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