Page 57 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.70, # 2, 2013, pp. 32-66

6. The Integrated Macro-Fiscal Forecasting Model’s Programming Components and

Applied Solutions
In this section, the solution of the integrated version of the macro-fiscal forecasting model is

presented. After running and solving the model in its entirety, with the “base-case’ scenario settings,
and for all types of equations, the results would be presented for all the equations’ solutions in the form

of coefficients and policy variables and parameters. However, the detailed econometric estimations of
the equations, with their statistical characteristics and various significance measures, are obtained

applying E-Views Statistical Package, using the collected, cleaned, normalized and processed

Bangladesh historical data for the period 1990-2011. Besides, and for carrying out applications of
alternative development scenarios, and deriving alternative solutions, reflecting the implications of

alternative policy selections, the model, and for this aspects, has been solved using “V-Basic”

programming, in order to support the, aimed at and achieved, interactive and alternative policy
scenarios solutions of the model.

System’s outline; the Model is subdivided into four components. Those components are:
The Coefficients and their values

The Parameters and Policy Variables

The Model’s Variables Definition

Tabulation of the Results
A brief description of each of these components has shown below.

6.1 The Coefficients and their Estimated Values:
This module deals with the Coefficient definition and the value. There are 52 Coefficient

and their values have already obtained through solving the model’s equation using E-Views
statistical package. The values of these coefficients cannot be changed manually. Hence, these

coefficients values only changing when a new set of data became available and new estimations

have to be worked out and fed into the integration version of the model, as specified here.
Table -5- shows the econometrically estimated values of the, already, defined model’s

coefficients:

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