Wladyslaw Welfe, Ph.D., Institute of Econometrics and Statistics, University of Lodz, ul. Rewolucji 1905 r. 41, Lodz, 90-214, Poland
The structure of new Macroeconometric Model of Knowledge Based Economy for Poland
The scenarios of economic and social development of Poland in the long-run up to the year 2050 must rely on computer simulations based on long-term macromodels. To this aim a new macroeconometric long-term model of the Polish economy is being built. It is a complete model. It generates final demand, including investments that determine employment in the short a run. In the long run the supply side is decisive . The major role plays the extended production function. The TFP dynamics representing the growth of knowledge capital is explained taking into account the capital embodied in investments, represented by accumulated R+D, both domestic and foreign as well as by human capital. The results of estimation of the major equations are shown, using the ECM techniques.
Keywords: long term scenarios , Macroeconometric models production function, knowledge capital.