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For over 40 years, REMI has offered the only publicly available dynamic economic model, allowing users to forecast economic impacts over 30 years into the future. On August 26th, from 2:00-3:00 pm (ET), REMI invites you to gain insight into the methodology that powers our model in our new webinar titled, “The Data Behind the REMI Model: Understanding the Baseline Forecast.” Sean McCarthy and Shreeya Gurav, Analysts at REMI, will present this webinar. Click here to register!
Since 1980, REMI has been forecasting the economic impact of policies, projects, and investments through a rigorous and dynamic model framework comprised of inter-industry relationships, economic geography, peer-reviewed econometric equations, and computable general equilibrium. Forming the baseline of this model is a compilation of data sets sourced from various trusted federal and state agencies. This data projects the GDP, employment, output, and other economic indicators of the regional economy each year, until 2060. When the user shocks a variable, the effect on this baseline is calculated to provide a comprehensive impact analysis.
In this webinar, REMI will explain how the REMI baseline forecast is created. We will demonstrate how it functions and discuss its importance in economic modeling. Attendees will learn the foundation behind the REMI model and how the forecast accounts for government spending response, changes in population, investment response, and pricing response of goods on a year-by-year basis. Lastly, attendees will learn how this foundation sets REMI apart from other economic modeling tools.