<abstract xmlns="http://www.w3.org/1999/xhtml">

<p>In this study we evaluate a national economic model using a system dynamics approach. We use a set of macroeconomic data for a transition economy to validate the model behaviour in the past, and then simulate the alternative paths of key macroeconomic variables. Instead of studying only a fraction of the economy, or using simple and abstract models, we build a large-scale national economic model. As the study is based on system dynamics information feedback, it provides additional insights about the macroeconomic effects of the economic policy, making it a valuable tool for economic policy analysis. Such insights are instrumental for understanding the total effects of economic policies and their full economic consequences. To demonstrate this, we have simulated one actual economic policy intervention and its alternative scenario.</p>
</abstract>

In this study we evaluate a national economic model using a system dynamics approach. We use a set of macroeconomic data for a transition economy to validate the model behaviour in the past, and then simulate the alternative paths of key macroeconomic variables. Instead of studying only a fraction of the economy, or using simple and abstract models, we build a large-scale national economic model. As the study is based on system dynamics information feedback, it provides additional insights about the macroeconomic effects of the economic policy, making it a valuable tool for economic policy analysis. Such insights are instrumental for understanding the total effects of economic policies and their full economic consequences. To demonstrate this, we have simulated one actual economic policy intervention and its alternative scenario.

Modelling National Economic System: A Case of the Croatian Economy

Associate Professor Faculty of Informatics Juraj Dobrila University of Pula

South East European Journal of Economics and Business

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

{"article-title":"Modelling National Economic System: A Case of the Croatian Economy"}

In this study we evaluate a national economic model using a system dynamics approach. We use a set of macroeconomic data for a transition economy to validate...

Modelling National Economic System: A Case of the Croatian Economy

Published Online: Jun 09, 2023

Page range: 115 - 144

DOI: https://doi.org/10.2478/jeb-2023-0009

Keywords
national economic model, system dynamics, macroeconomics, economic policy analysis

© 2023 Siniša Sovilj et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Modelling National Economic System: A Case of the Croatian Economy

Published Online: Jun 09, 2023

Page range: 115 - 144

DOI: https://doi.org/10.2478/jeb-2023-0009

Keywordsnational economic model, system dynamics, macroeconomics, economic policy analysis

© 2023 Siniša Sovilj et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Keywords
national economic model, system dynamics, macroeconomics, economic policy analysis