The WM-1 Monthly Macroeconometric Model of the Polish Economy
 
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Publish date: 2017-08-31
 
Gospodarka Narodowa 2017;290(4):5–38
KEYWORDS
JEL CLASSIFICATION CODES
ABSTRACT
The WM-1 model is the first macromodel of the Polish economy based on monthly data. Most time series are generated by non-stationary processes. Therefore the estimation has been made in such a way that it allows for the cointegration of the variables (ECM, TECM and CVAR models were used). This prevented spurious regressions and ensured appropriate statistical inference. A specification of all the behavioral equations follows economic theory. The model also exploits data from Input-Output tables. In the case of many important equations, the asymmetry of the reactions has been taken into account.
eISSN:2300-5238
ISSN:0867-0005