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Estimation of Multiproduct Models in Economics on the Example of Production Sector of Russian Economy

  • Ivan Stankevich
  • Alexei UjegovEmail author
  • Sergey Vasilyev
Conference paper
Part of the Communications in Computer and Information Science book series (CCIS, volume 974)

Abstract

The model of the real sector of the Russian economy is presented. It allows for the separate description of GDP and its components by expenditure both in constant and in current prices. Unlike standard macroeconomic models, the model proposed considers a set of Trader agents in addition to Producer agent. Traders are based on a set of CES-functions and allow to decompose the statistics available into a set of unobserved components. The Producer is based on a specific production function that performs well for Russian data and works with financial variables, such as credits and bank accounts. In contrary to the standard approach, the model is not linearized to get estimates of model parameters but is estimated directly using a set of nonlinear equations. The optimization is performed numerically and allows to get both series of unobserved model products and their prices and model parameters. The stability of the solution found is checked on simulated data.

Keywords

Macroeconomic modeling Nonlinear models Gross Domestic Product (GDP) Mathematical programming 

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Copyright information

© Springer Nature Switzerland AG 2019

Authors and Affiliations

  1. 1.National Research University – Higher School of EconomicsMoscowRussia
  2. 2.The Lebedev Physical Institute of the Russian Academy of SciencesMoscowRussia
  3. 3.Federal Research Center “Computer Science and Control” of the Russian Academy of SciencesMoscowRussia

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