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!
Photo by Peter Herrmann on Unsplash
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!
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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