The "Dobrescu” Macromodel of the Romanian Market Economy - 2005 version. Yearly Forecast – Preliminary results for 2007

Pauna, Bianca, Ghizdeanu, Ion,  Scutaru, Cornelia, Fomin, Petre and Corina Saman
Published in Romanian Journal of Economic Forecasting,
volume 8 issue 4, 2007.

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Abstract

In this article we present only the economic forecast of the variable of interest. For a description of the model see RJEF, No. 1/2007 of [4]. 
The macromodel estimates the short and medium-term economic implications for internal policies and changes in the international context.
This new version of the Romanian macromodel incorporates the experience accumulated through the utilisation of its previous forms - either experimental (tested during 1991-1995) or operational (developed during 1996-2003). At the same time, it introduces some methodological and information improvements. 
The most significant of them is the structural decomposition of the economy, associated with input-output techniques. 
Due to the relatively advanced stage of the transitional processes in Romania, the behavioural functions were accommodated - as much as possible - to the standard relationships. Unlike the versions that used the statistical series beginning in 1980, the present one is based exclusively on information concerning the period 1989-2004. Therefore, we have considered more adequately to name this variant the macromodel of the Romanian market (not transition, as before) economy.

Keywords: model, input-output analysis, econometric relationships, simulations
JEL Classification: C5, E2, E6, H6