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A Normative Dynamic Model of Regional Economy

Author(s): N. Olenev | Naser Mollaverdi

Journal: International Journal of Industrial Engineering & Production Research
ISSN 2008-4889

Volume: 22;
Issue: 2;
Start page: 99;
Date: 2011;

Keywords: Dynamic model | regional economy | innovation.

The paper presents a normative balance mathematical model of regional economy that contains a lot of unspecified parameters which are not defined directly by the data of economic statistics. A method for estimation of the model parameters by application of parallel computations on multi-processors systems is presented. They determine the unknown parameters of economic model by indirect way, comparing time series for macro indexes calculated by model with statistical time series for these indexes. Use of the method is illustrated by the parameter estimation of a macroeconomic regional model by statistical data of Vyatka Region of Russia. The each production sector shadow money stock grows due to sale of shadow final product to households and as intermediate product to other sectors. Identified model is used for estimation of the Regional Government economic politics.

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