A simulation model of economic growth : an empirical analysis for USA
Part of : Αρχείον οικονομικής ιστορίας ; Vol.XXVI, No.2, 2014, pages 33-56
Issue:
Pages:
33-56
Author:
Abstract:
This study investigates a simulation model of economic growth for United States of America for the period 1970-2012. The purpose of this study is to examine the main determinants of economic growth examining a structural system equation model. Two stage least squares method is used in order to examine the direct and indirect relationships between the dependent variables of the model. Finally, a Monte Carlo simulation method is applied in order to define the sensitivity analysis and predictive ability of the estimated system equation model.
Subject:
Subject (LC):
Keywords:
Economic growth, System equation model, Monte Carlo simulation
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