Abstract
In this paper, we describe how Regional Economic Models, Inc. constructs US national and regional forecasting and simulation models, using the US Bureau of Labor Statistics Outlook-2000 forecast. The building procedure extends a traditional input–output model to a dynamic and structural forecasting and simulation model. While much emphasis is on building a consistent US model, we also discuss the linkages and structural differences between the national and regional models. The procedure we present is generally applicable to any regional modelling undertaking. It extracts changing relationships from the national level for use in model building and forecasting at the regional level, where these relationships are not directly observable.
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