A macro-econometric model of Lithuania LITMOD [An article from: Economic Modelling]

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Description:
This paper presents a medium-sized macro-economic sectoral model of the Lithuanian economy using econometrics on a limited number of quarterly observations. A central element in the model is a 12-sector input/output table of the Lithuanian economy facilitating analyses of structural changes. The general formulation of equations is the error correction model. The paper presents a general overview of model characteristics and a few empirical results. Model properties are illustrated in a standard public consumption simulation experiment. In general, the model gives an acceptable reproduction of past changes and model properties are comparable with similar models for other countries.