ECONOMICS NEWS
The results of the research work “A Macroeconometric Model for Kazakhstan” of the Economic Modeling Development Center were presented at the “Research Day” event at Nazarbayev University. More than 30 research works conducted by the faculty staff, students and researchers of the university were presented at the event. Many scientific works were in the field of chemistry, engineering, biology and sociology. The research paper of the Center on macroeconometric model for Kazakhstan turned out to be the only work in the field of economics at the “Research Day” event. The Center also continues to work on improving the model and…
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The visit was in the form of a series of seminars on macroeconomic modeling by researchers of NAC Analytica and IHS. Both institutes joined efforts to build macroeconometric models for Kazakhstan. To a larger extent, the researchers worked on generating model simulations and forecasts for the main macroeconomic variables such as real GDP growth, inflation, and unemployment rate. Finally, preliminary results of the model simulations and forecasts were obtained based on the structural macroeconomic model for Kazakhstan.
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An overview of modern methods and results in the application of Bayesian estimation in macroeconomics was provided. The seminars were devoted to the applications of Bayesian econometrics to vector autoregressions (VAR) and dynamic stochastic general equilibrium models (DSGE). Participants had a fruitful discussion on the use of Bayesian estimation methods in Matlab and Dynare. There was also a detailed discussion of the Bayes theorem and the likelihood function in discrete and continuous time. Further, the estimation of normal-linear models and their asymptotic behavior was considered. Most of the time was also devoted to MCMC methods, the Metropolis-Hastings algorithm, and the…
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ECONOMICS NEWS