M O D A G: A macroeconometric model of the Norwegian economy

Abstract

Publisher Summary MODAG is an input−output based model used in short- and medium-term macroeconomic planning and policy analysis in Norway. MODAG is influenced by the Scandinavian model of inflation, with its distinction between exposed and sheltered commodity markets, Keynesian macro theory, and input−output modeling. The Norwegian national accounting system forms the conceptual framework and the empirical basis of the model. Nearly all parameters of the various submodels are estimated econometrically from national accounts time series, whereas the coefficients of the input−output structure are estimated from national accounts for the base year of the model. The model is rebased every year, with the base year normally lagging two years behind the current year. The description of the commodity flows is one of the main elements of MODAG. Just as in the national accounts, commodity transactions are represented by means of two commodities by sector-matrices: (1) one for the flow of commodities to each sector and (2) one for the flow of commodities from each sector. MODAG has 40 commodities, 28 production sectors, and 14 categories of private consumption. Real capital and investments are generally grouped into 3 categories for each of the production sectors.

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