Models

The next generation of economic modeling that builds confidence in your policy recommendations and examines the economic future of your region.

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PI+ Overview

MODEL APPLICATIONS

PI+ is the premier software solution for conducting dynamic macroeconomic impact analysis of public policy. As our flagship model, PI+ specializes in generating realistic year-by-year estimates of the total local, state, and national effects of any specific policy initiative.

Using a wide range of policy variables to represent the policy being evaluated, REM’s explicit model structure helps the user interpret the forecasted economic and demographic effects. The model can be calibrated to any sub-national area for policy analysis and forecasting, and is available in single- and multi-area configurations. Each calibrated area (or region) has economic and demographic variables to test the effects of any policy on a local economy.

Model simulations estimate comprehensive economic and demographic effects in wide-ranging initiatives, such as: economic impact analysis; policies and programs for economic development, infrastructure, environment, energy and natural resources.

PI+ is used by government agencies (including most U.S. state governments), consulting firms, nonprofit institutions, universities, and public utilities. Articles about the model equations and research findings have been published in professional national journals, including the American Economic Review, The Review of Economic Statistics, the Journal of Regional Science, and the International Regional Science Review.

MODEL USERS INCLUDE:

Ernst & Young
National Education Association
North Carolina Department of Commerce
Sandia National Laboratories
South Coast Air Quality Management District
Tennessee Valley Authority
Texas Comptroller
University of Michigan
Wyoming Department of Administration & Information

REMI SOLUTIONS CENTER

RELATED DOCUMENTATION

PI+ VERSION 2.5
Data Sources and Estimation Procedures
Major Changes
Model Equations
PI+ User’s Guide

PI+ VERSION 2.4

Calculating Multipliers with the REMI Model
Data Sources and Estimation Procedures
Income Distribution
Major Changes
Model Equations
PI+ User’s Guide

PI+ VERSION 2.3

Beta and Sigma Estimation Methodology
Calculating Multipliers with the REMI Model
Data Sources and Estimation Procedures
Income Distribution
Model Changes
Model Equations
PI+ User’s Guide

PI+ VERSION 2.2

Industries – Hierarchical v2.2
Industry Comparison – Sector
Industry Comparison – Hierarchical
Demographic Component v2.2
PI+ Changes v2.2
PI+ Overview v2.2
Consumption Categories – Hierarchical v2.2
Consumption Categories – Detail Level v2.2
Consumption Categories – Summary Level v2.2
Income Distribution v2.2
Industries – Detail Level v2.2
Industries – Sector Level v2.2
Industries – Summary Level v2.2
Industry Comparison – Detail
Industry Comparison – Summary
Occupations – Detail Level v2.2
Occupations – Hierarchical v2.2
Occupations – Summary Level v2.2
Data Sources and Estimation Procedures v2.2
Comparing Employment Multiplier and Economic Migration Responses in Single vs Multi Region Models
BEA vs BLS Value Added
Comparing Business Cost Policy Variables
Model Equations v2.2

PI+ VERSION 2.1

Consumption Categories – Hierarchical v2.1
Data Sources and Estimation Procedures v2.1
Demographic Component v2.1
Economic Migration Equation Estimation v2.1
Estimated Labor Force Participation Rates Elasticities v2.1
Income Distribution v2.1
Industries – Hierarchical v2.1
Model Equations v2.1
Occupations – Hierarchical v2.1
PI+ Changes v2.1
PI+ Interface Guide v2.1

PI+ VERSION 2.0

Consumption Categories – Hierarchical v2.0
Data Sources and Estimation Procedures v2.0
Demographic Component v2.0
Income Distribution v2.0
Industries – Hierarchical v2.0
Investment Equation Estimation v2.0
Model Equations v2.0
Occupations – Hierarchical v2.0
PI+ Changes v2.0
PI+ Interface Changes v2.0
Wage Compensation Earnings Rate Equation Estimation v2.0

PI+ VERSION 1.7

Consumption Equation Estimates v1.7
Data Sources and Estimation Procedures
Demographic Component of the REMI Model
Government Spending Equation Estimation v1.7
Housing Price Equation Estimation v1.7
Income Distribution
PI+ Changes
PI+ Model Equations

PI+ VERSION 1.6

Data Sources and Estimation Procedures v1.6
Data Sources and Estimation Procedures v1.6R
Demographic Component of the REMI Model
Income Distribution
Occupations for PI+ – Hierarchical v1.6
PI+ Changes
PI+ v1.6 Model Equations
REMI PI+ v1.6R
Technical Documentation for Estimating Trade Flow Betas and Sigmas

PI+ VERSION 1.5

Data Sources and Estimation Procedures
Demographic Component of the REMI Model
Income Distribution
New Residence Adjustment Calculation for PI
PI+ Changes
PI+ v1.5
Technical Documentation for Household Forecast Project

PI+ VERSION 1.4

Comparison of Detailed Consumption Categories
Comparison of Detailed Industries
Comparison of Summary Industries
Data Sources and Estimation Procedures
Demographic Component of the REMI Model
Income Distribution
NAICS Industries for PI+ Hierarchical v1.4
PI+ Changes
PI+ v1.4 Model Equations
Predicted Revenue & Expenditure Effects v1.4
State and Local Government Employment and Final Demand

PI+ VERSION 1.3

Data Sources and Estimation Procedures
Decomposing Policy Effects On Employment, Wages, and Prices By Income Groups
Model Equations
New Estimates of Speed of Adjustment
New Estimates of U.S. Housing Price Elasticities
Predicted Revenue & Expenditure Effects
Reestimating The REMI Migration Equation Coefficients To Correct For Endogeneity
Table of Major PI+ Changes – Policy Insight 9.5 through PI+ 1.3

PI+ VERSION 1.2

Amendment to Estimating Trade Flow Parameters
Data Sources and Estimation Procedures
Demographic Component of the REMI Model
Detailed Industry Changes
Estimating Trade Flow Parameters
Income Distribution
Industries
Predicted Revenue & Expenditure Effects v.1.1.7
State and Local Government Employment and Final Demand
Table of Major Changes: Policy Insight 9.5 through PI+ 1.2
Translator Methodology

PI+ VERSION 1.1

Consumption Categories
Consumption Elasticities
Detailed Industry Changes
Industries
Introduction to PI+ (for existing Policy Insight users)
Model Equations
New Estimates of Compensation Rate Elasticities for U.S. Models
Occupations
Version Changes

PI+ VERSION 1.0

Consumption Categories
Consumption Elasticities
Detailed Industry Changes
Industries
Introduction to PI+ (for existing Policy Insight users)
Model Equations
Occupations