# Models

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Build confidence in your policy recommendations and examine the economic future of your region with PI^{+}.

PI^{+}, the next generation of Policy Insight, generates realistic year-by-year estimates of the total regional effects of any specific policy initiative.

A wide range of policy variables allows the user to represent the policy to be evaluated, while the explicit structure in the model helps the user to interpret the predicted economic and demographic effects.

The model is calibrated to many sub-national areas for policy analysis and forecasting, and is available in single- and multi-area configurations. Each calibrated area (or region) has economic and demographic variables, as well as policy variables so that any policy that affects a local economy can be tested.

PI^{+} is used by government agencies (including most U.S. state governments), consulting firms, nonprofit institutions, universities, and public utilities.

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; and state and local tax changes. 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.

## RELATED DOCUMENTATION

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**