Page 40 - Azerbaijan State University of Economics

Hashim Al-Ali: An integrated macro-fiscal forecasting model and its application for
the Bangladesh economy

Table -1- : Macro-Fiscal Model's Variables

No. variable variable interpretation
(symbol)
1 X t is the gross domestic products (GDP) in year t
2 CP t is the productive capacity in the economy
3 K t-1 is the aggregated capital at year t-1
4 K t is the capital stock at year t
5 I t is the investment (GFCF) at year t
6 X 0 is the gross domestic products (GDP) at base year
i
7 X t is the product of sector (i) in year t where i is run from 1 to n
i
8 X 0 is the ith sector initial product
i
9 X t-1 is the sectoral product at year t-1
ag
10 X t agriculture sector gross domestic product in year t
in
11 X t manufacturing industry seector gross domestic product in year t
sv
12 X t services sector gross domestic product in year t
g
13 I t-1 is the government sector investment in ith sector at the period t-1
p
14 I t-1 is the private sector investment in ith sector at the period t-1
15 L t is the total labour requirements (employment) in the economy, at year t
s
16 L t is the labour force size (labour supply) in the economy, at year t
s
17 L 0 is labour force at the base year
18 GPOWA t is the total (gross) working age population at year t
19 NPOWA t is the net working age population at year t
20 PRR t is the labour participation rate at year t
21 ROU t is the unemployment rate in the economy at year t
t
22 p ℓ is labour productivity (products per worker) at year t
0
23 p ℓ is labour productivity at base year (0)
24 C t is the private consumption in year t
25 c t is private per-capita consumption in year t
26 G t, GE t are the government recurrent and total Expenditures, respectively in year t
27 CS t is the changes in Stock at year t
28 E t is the total exports in year t
29 M t is the total imports into the economy in year t
30 DIN t is the disposable income at year t
31 din t is per-capita disposable income in year t
32 GNDI t is the gross national disposible income at year t
33 POP t is the population size in year t
34 WSA t is wages, salaries and other allowances,
35 GS t is goods and services bought and used by the government
36 GCO t Other government expenditures at year t
37 FOCS t is the food, commodity and other subsidies at year t
38 EFS t is the energy and fuel subsidy at year t
39 PDS t Public debts interest service at year t
40 DD t-1 Domestic debts at year t-1
41 ED t-1 External debts at year t-1
42 PD t Public debts at year t
43 PD t-1 Public debts at year t-1

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