STRUCTURE OF A NEW LONG-TERM MACROECONOMETRIC MODEL FOR POL AND
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Development of 'new economies' leading to economies mostly based on knowledge implies the construction of new long-term macroeconometric models. The structure of the new W8D -2007 model for Poland is presented. It is a complete model. It covers the blocks of equations explaining final demand and the production process. The consumption and investment function estimates are shown. It incorporates the impacts of new technologies being endogenized, as well as human capital. The paper discusses the notions of extended production function and total factor productivity (TFP). They cover the measurement and explanation of the role of domestic and foreign R&D expenditures, as well as educational expenditures. The price and wages equations close the model. The discussion is extended to include proposals to construct new submodels explaining the sectors of research and education and also the ICT industries, as well as the ecological issues.
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