Abstract
Our model contains forty-two stochastic equations and thirty-two identities designed to explain variation in manhours of work, employment, weekly wages and the wage bill by sector of activity for the Youngstown-Warren SMSA. Methodology in the development of these equations is discussed and the regression results shown. The paper evaluates the simulation results of the model by showing the root mean squares error and percent root mean squares error for the major aggregates using both dynamic and historic system simulations.
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