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Consulting Services in the Area of Economic Modelling

The EEFC has worked on various aspects of economic modelling. In all cases where modelling work has been carried out, two factors were of significance:

For the analysis, it has been our view to be forward-looking and not so dependent on historical data.
Given that there are competing ends to which scarce resources have to be allocated, it is crucial to be able to conduct the correct analysis before any decision for commitment of funds is taken.

Thus, it is the Centre's policy to bring to light the limitations of any given model and show the relevance and importance of judgmental factors in presenting any analysis based on the model concerned.

The Centre is frequently invited to build macroeconomic models as well as financial models for different institutions. Examples are the Italian Treasury and the US Government (in relation to an international Tax Comparison Project).

In addition to constructing our own models, the Centre liaises continually with modellers worldwide and has many government models installed on our computers, such as the Bank of England Model, the UK Treasury Model, two Federal Reserve Board Models (the Domestic Quarterly Model MPS and the Multi-Country Model), etc. These are regularly run by the Centre.

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