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SLOPOL1: A macroeconomic model for Slovenia

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Abstract

This paper presents the specification and estimation of SLOPOL1 (Slovenian Economic Policy Model, Version 1), a macroeconometric model for Slovenia. Since Slovenia became an independent state in 1991, the available time series are very short and unreliable. In order to increase the degrees of freedom, quarterly data are used. The model contains behavioral equations for factor demand, potential gross domestic product, imports, the wage-price system, private consumption and labor supply of households, money and foreign exchange markets, and the public sector. Due to data constraints, the supply side and household consumption have not been further disaggregated. The capability of the model to reproduce the behavior of the endogenous variables in an ex post simulation can be regarded as satisfactory.

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References

  • Austrian Institute of Economic Research. 〈http://www.wifo.ac.at/〉, 2000.

  • Bank of Slovenia.Monthly Bulletin, various.

  • Fair, R. C.Testing Macroeconometric Models, Cambridge, MA: Harvard University Press, 1994.

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  • Institute of Macroeconomic Analysis and Development.Slovenia: Analysis of Economic Developments in 1997 and Prospects for 1998, Ljubljana, Slovenia: IMAD, 1997.

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  • Layard, R.; Nickell, S.; Jackman, R.Unemployment: Macroeconomic Performance and the Labor Market, New York, NY: Oxford University Press, 1991.

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Authors and Affiliations

  1. University of Klagenfurt, Austria

    Klaus Weyerstrass, Gottfried Haber & Reinhard Neck

Authors
  1. Klaus Weyerstrass
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  2. Gottfried Haber
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  3. Reinhard Neck
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Additional information

Work on this model was initiated within the framework of the contract entitled "Austrian-Slovenian Cooperation for an Integrated Energy Program: Development and Implementation of a Macroeconomic Model" between the Slovenian Ministry of Economic Affairs and Verbundplan and financed by the Austrian Federal Chancellery. Later research has been supported by the Austrian Science Foundation under contract P12745-OEK and by the Ludwig Boltzmann Institute for Economic Analysis. Earlier versions of this paper were presented at the Forty-Seventh International Atlantic Economic Conference, March 16–23, 1999, Vienna, Austria, and the Forty-Ninth International Atlantic Economic Conference, March 14–21, 2000, Munich, Germany. The authors are indebted to the participants in these discussions and to Tanja Cesen and Igor Strmsnik for providing data.

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Weyerstrass, K., Haber, G. & Neck, R. SLOPOL1: A macroeconomic model for Slovenia. International Advances in Economic Research 7, 20–37 (2001). https://doi.org/10.1007/BF02296589

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  • DOI: https://doi.org/10.1007/BF02296589

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