REMI

General

Model Equations

The model equations for the latest version of the PI+ Software.
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The REMI Economic Geography Forecasting and Policy Analysis Model

REMI Policy Insight is a structural economic forecasting and policy analysis model. It integrates input-output, computable general equilibrium, econometric, and economic geography methodologies. The model is dynamic, with forecasts and simulations generated on an annual basis and behavioral responses to wage, price, and other economic factors. The REMI model consists of thousands of simultaneous equations at the same time that its structure is relatively straightforward. The exact number of equations varies depending on the extent of industry, demographic, demand, and other detail in the specific model being used. The overall structure of the model can be summarized in five major blocks: (1) output and demand, (2) labor and capital demand, (3) population and labor force, (4) wages, prices, and costs, and (5) market shares.
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The New National Forecast Methodology

Description of our new national forecast methodology, first implemented for PI+ v1.
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Data Sources and Estimation Procedures

Description of primary historical data and estimation procedures, supplementary historical data, and national forecast data.
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Using the REMI Model to Estimate the Regional Effect of National Policies

With major shifts in national policy high on the national agenda, the interest in looking at the effects of these policies on local economies is likely to continue to grow. The fact that some of the proposed policy changes would lead to a devolution of federal responsibilities to the states means that considerations, such as interstate competitive effects, will now become part of the policy analysis process. This paper discusses (1) the need to decide what model(s) should be used to answer particular types of policy questions, (2) how to carry out a policy analysis and (3) how the REMI national simulation system has been modified to reflect the typical way that the monetary authorities respond to changes in the unemployment rate caused by policy initiative.
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Chained vs. Fixed Real Dollars in the REMI Model

Description of methodology for reconciling fixed and chained real dollars in the REMI model.
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Decomposing Policy Effects on Employment, Wages, and Prices by Income Groups

Description of methodology for evaluating the economic impacts of policies on different wage and income groups.
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REMI and I-O Models Compared

A description of the key differences between Input-Output Multiplier Systems (“static” analysis tools), and REMI “dynamic” models.
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Income Distribution

An article about decomposing policy effects on employment, wages, and prices by income groups.
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