About REMI®
Regional Economic Models, Inc. (REMI®), provides REMI Policy Insight®, the leading forecasting and policy analysis model. Since 1980, REMI has developed models that answer "what if...?" questions about the effect of policy initiatives on the economy of local regions. The model is based on past and current research and development, which is subject to peer review and published in academic journals. REMI Policy Insight is currently used by hundreds of governmental agencies, universities, and others.
REMI's founder, Dr. George I. Treyz, developed the methodology used in REMI's socioeconomic modeling system in order to improve the quality of research-based decision making in the public and private sectors. A research team currently led by Drs. George and Frederick Treyz continues to enrich and deepen REMI's powerful dynamic analytic engine. The latest version is based in part on a REMI prototype set forth in the November 2000 issue of the Journal of Regional Science. It is designed for regional areas of varying sizes in the U.S., the E.U., and Canada.
The forecasting and policy analysis system includes key econometric estimates and integrates inter-industry transactions, long run equilibrium features, and the new economic geography. It includes: substitution among factors of production in response to changes in relative factor costs; migration responses to changes in expected income; labor participation rate responses to changes in real wage and employment conditions; wage rate responses to labor market changes; consumer consumption responses to changes in real disposable income and commodity prices; and local, regional, and market shares responses to changes in regional production costs and agglomeration economics.