By Commission of the European Communities
The "HERMES" ecu procedure of versions is featured during this ebook. the program used to be organize on the initiative of the fee of the eu groups (Directorate-General for technology, learn and Development). It comprises a sequence of medium-term, macrosectoral econometric types within which power performs a different position as a creation issue. the various versions are interlinked by way of a bilateral stream module, which describes for every product the alternate among all of the group nations taken in twos. the us, Japan and 5 zones are represented during this by way of simplified models of the Commission's COMET version. This quantity is designed to aid the reader to appreciate and interpret the various stories that have been undertaken with assistance from the HERMES process. Economists and researchers should still locate important details and figures, with a typical nomenclature, at the economies of the various nations, either on structural facts and on fiscal operators
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Extra info for HERMES
J + constant term = constant term + rf . LnPB, + ( 1 - f i L ) . Ln PM. + (6 V . Ln XP. - a,. ). (1 -d^/e.. y d ij = i j f ( c c e t j - i j ) In simulation, the volume equations above are proportionally adjusted to obtain the total of bilateral imports corresponding to the total of imports: Μ- = M . MOj/Li Mij tj This approach implies that, if all exporters increase their export supply XPi, this will lead to an increase in bilateral exports of country / towards country j only if the increase in supply of country / is more significant than the average of its competitors in market j , said average being dependent on market shares and volume/price elasticities bij.
Telephone and postal communications 12. Medical expenses and health-related expenditure 13. Recreation, entertainment, education and culture 14. Hotels, restaurants, cafes, financial services, travel 15. Expenditures abroad 43 The models and methods of computation vary from one country to another. As a general rule, the national teams performed a disaggregation on several levels by consolidating into major headings the above mentioned elements. e. food, clothing, accommodation; the second group relates to transport and communication; and the third to health and recreation.
In effect, the specifications which are retained can vary from one national team to another (by reason of different time lags, differences in definition 55 The HERMES model for the Member States of the EC of the variable w, zone-by-zone treatment of global market price structures, and so on). 2 Linked Foreign Trade In the free, non-linked function foreign trade equation described above, world demand and competitor prices are exogenous. By contrast, in the linked mode these variables are endogenised in a coherent fashion.