Economic Modeling

Arrow-Debreu Economy
A comprehensive model that demonstrates the existence of equilibrium in a competitive economy, incorporating decision-making by individual consumers and firms.
Baseline: Definition and Meaning
An economic projection illustrating how the economy would develop if existing trends and policies continue unchanged.
Econometric Model
A detailed examination of econometric models, their definitions, historical context, analytical frameworks, and related terms.
Extrapolative Expectations
Expectations about future economic variables based on past values and trends.
Scenario
A set of assumptions on policy choices and the values of exogenous variables to determine future economic developments.