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Measuring Economic Change in the Illawarra, New South Wales: An Integrated Framework
Author(s) -
Masouman Ashkan,
Harvie Charles
Publication year - 2017
Publication title -
australian economic review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.308
H-Index - 29
eISSN - 1467-8462
pISSN - 0004-9018
DOI - 10.1111/1467-8462.12227
Subject(s) - path (computing) , econometric model , economy , economics , computer science , econometrics , operations research , macroeconomics , engineering , programming language
Merging input–output (IO) and econometric (EC) models has gained increased attention in regional science literature because it combines the dynamic characteristics of time series with the detailed intersectoral disaggregation of IO to model the time path of the economy. It provides more accuracy in representing economic structure and structural shifts within an economy. This article applies IO analysis and integrated IO–EC modelling to analyse the Illawarra economy. The integrated framework is found to be superior based on its forecasting abilities and impact analysis accuracy. It is applied to forecast the effects of BlueScope Steel shutdown in the Illawarra.