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A macro-economic model of Jamaica, 1959-1966 (Inglês)

An econometric model describing the Jamaican economy during the period 1959-66 has been developed to provide a macroeconomic structural description of the economy with statistically estimated quantitative parameters. The model shows how the economy reacts to exogenous factors, such as exports and tourism, and how the fiscal system relates to the sectors of economic activity. A modification of the ECLA end-use system is used in the treatment of the import sector's five major categories, namely food, other consumer goods, intermediate goods, capital goods, and fuel. Solution of the model involved, use of the technique of instrumental variables, and simulation of the model testified to its accuracy and provided interesting conclusions concerning the consumption and investment functions of the economy.

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