The R/ECON™ Econometric Forecasting Model

Model EquationsThe R/ECON™ Econometric Forecasting Model:
Forecasts the New Jersey economy up to twenty years into the future.

The model consists of nearly 300 equations that estimate:

  • gross state product, employment, prices, and wage rates for major industries
  • personal income and its components
  • inflation
  • population, labor force, and unemployment
  • housing permits, sales, and prices
  • local and state tax revenues
  • usage and prices of electricity, natural gas, fuel oil, and motor fuel.