What is it about?
Combining these two cool models, input-output (IO) and econometric (EC), has become a hot topic in regional science! It's like mixing the best of both worlds – the dynamic time series stuff and the detailed breakdown of different industries. This combo gives us a fairly accurate picture of how the economy changes over time. In this article, we used the combo to study the Illawarra economy. The results were quite satisfactory! This integrated framework rocked at predicting and analyzing the effects of the BlueScope Steel shutdown in the Illawarra. It's like having a secret weapon to peek into the future of the local economy!
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Why is it important?
Combining input-output (IO) and econometric (EC) is like bringing together the time-traveling abilities of a DeLorean with a detailed knowledge of inter-industry interactions. This classic combo helps us understand how the economy changes over time with a pretty good accuracy. In this article, we put this superhero duo to work to study the Illawarra economy. The results were really interesting. The integrated framework proved to be a superstar, making predictions and nailing down the impacts of the BlueScope Steel shutdown in the Illawarra. It's like having a genius sidekick that tells you exactly what's going on in the local economy, helping us make smarter decisions for a better future!
Perspectives
Writing this article was a brilliant experience as it afforded me the opportunity to publish the first paper associated with my PhD on regional economics in Australia. This publication served as a catalyst for forging connections with esteemed economists worldwide, fostering enriching intellectual exchanges. It ignited a newfound curiosity in me for exploring diverse econometric models.
Dr Ashkan Masouman
University of Ottawa
Read the Original
This page is a summary of: Measuring Economic Change in the Illawarra, New South Wales: An Integrated Framework, Australian Economic Review, July 2017, Wiley,
DOI: 10.1111/1467-8462.12227.
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