The current design of the Parliamentary Budget Office of Georgia (PBO) Macroeconomic Forecasting Model (PBOMFM) is consistent with the Financial Programming and Policy (FPP) framework that is developed by International Monetary Fund (IMF). The PBOMFM strikes a balance between theory and practice according to its purpose of providing accurate forecasts and policy analysis. The PBOMFM has both long-run (theoretical) and short-run (data-based) dynamics. The econometric estimates of the model’s parameters and its short-run dynamics are based on the data analysis and calibration for the Georgian economy. The PBOMFM is a practical and robust tool for economic forecasting in Georgia. PBO’s macroeconomic forecasts are publicly available on its website and in print.
Macroeconomic Forecasting Model
- Monday, 22 February 2016 13:06
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