The Regional Cambridge Multisectoral Dynamic Model of the UK Economy
This chapter reports on a regionalised, fully specified and coherent model of the various UK regional economies. It has a clear economic structure allowing incorporation of incomplete and partial data in a similar manner to the procedure followed in general equilibrium modelling, but at the same time validating the model’s projections against the available data for employment and output. The regionalised model is a development of the Cambridge Multisectoral Dynamic Model of the UK economy (MDM); see Barker and Peterson (1987) for an account of version 6 of the model. This is a time-series, cross-section (input-output) model distinguishing, inter alia, 49 industries and 68 categories of consumers’ expenditure. The standard UK regions are treated as one of several classifications in the model, with several commodity, industry and employment variables regionalised according to the availability of data. The current version of the model (MDM94) has been re-estimated on 1997 National Accounts and consistent Regional Accounts data (on the 1990 price base) and incorporates the 1990 input-output tables for the UK.
KeywordsMortgage Rate Economic Distance Regional Export Personal Disposable Income Severn Barrage
Unable to display preview. Download preview PDF.
- Barker T. and Peterson W. (eds, 1987) The Cambridge Multisectoral Dynamic Model of the British Economy, Cambridge University Press, Cambridge, Great Britain.Google Scholar
- British Chambers of Commerce (1998) Quarterly Economic Survey, The British Chambers of Commerce.Google Scholar
- Dixon P.B. et al., (1982) ORANI: A Multisectoral Model of the Australian Economy, North-Holland, Amsterdam.Google Scholar
- Harrigan F. and McGregor P.G. (1988) (editors) Recent Advances in Regional Economic Modelling, Pion, London.Google Scholar
- Hewings G.J.D. and Jensen R.C. (1986) ‘Regional, interregional and multiregional input-output analysis’, pp. 295–355 in Nijkamp P. (ed 1986) Handbook of Regional and Urban Economics Volume 1 Regional Economics, North-Holland, Amsterdam.Google Scholar
- Leontief W. (1953) ‘Interregional theory’, pp. 93–115 in Studies in the Structure of theAmerican Economy, Oxford University Press, New York.Google Scholar
- Leontief W. and Strout A. (1963) ‘Multiregional input-output analysis’, pp. 243–259 in T Barna (ed) Structural Interdependence and Economic Development, St Martins Press, London.Google Scholar
- Moses L.N. (1955) ‘The stability of interregional trading patterns and input-output analysis’, The American Economic Review, Vol. 65, no. 5, pp. 803–832.Google Scholar
- Nijkamp P., Rietveld P. and Snickars F. (1986) ‘Regional and multiregional economic models: a survey’ , pp. 257–294 in Nijkamp P. (ed) Handbook of Regional and Urban Economics Volume 1 Regional Economics, North-Holland, Amsterdam.Google Scholar
- Polenske K. (1980) The US Multiregional Input-OutputAccounts and Model, Lexington Books, Lexington, Mass. US.Google Scholar
- Round J.I. (1988) ‘Incorporating the international, regional, and spatial dimension into a SAM: some methods and applications’, pp. 24–45 in Harrigan F. and McGregor P. G. (editors) Recent Advances in Regional Economic Modelling, Pion, London.Google Scholar
- Stone R. (1961) ‘Social accounts at the regional level: a survey’, pp. 263–295 in Isard W. and Cumberland J. (eds) Economic Planning: Techniques forAnalysis for Less Developed Areas, OEEC, Paris.Google Scholar