Documentation of the DRI Model of the US Economy, December 1993 PDF Download

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Languages : en
Pages : 64

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Book Description
The Energy Information Administration (EIA) uses models of the US economy developed by Data Resources, Inc. (DRI) for conducting policy analyses, preparing forecasts for the Annual Energy Outlook, the Short-Term Energy Outlook, and related analyses in conjunction with EIA's National Energy Modeling System (NEMS) and its other energy market models. Both the DRI Model of the US Economy and the DRI Personal Computer Input-Output Model (PC-IO)2 were developed and are maintained by DRI as proprietary models. This report provides documentation, as required by EIA standards for the use of proprietary models; describes the theoretical basis, structure and functions of both DRI models; and contains brief descriptions of the models and their equations. Appendix A describes how the two large-scale models documented here are used to support the macroeconomic and interindustry modeling associated with the National Energy Modeling System. Appendix B is an article by Stephen McNees of the Federal Reserve Bank of Boston on ''How Large are Economic Forecast Errors.'' This article assesses the forecast accuracy of a number of economic forecasting models (groups) and is attached as an independent assessment of the forecast accuracy of the DRI Model of the US Economy.