The Structure of the REMI - Model. Output Market Shares Labor & Capital Demand Population & Labor Supply Wages, Prices, & Profits REMI Model Structure.

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Presentation transcript:

The Structure of the REMI - Model

Output Market Shares Labor & Capital Demand Population & Labor Supply Wages, Prices, & Profits REMI Model Structure

8. Commodity Access Index 10. Change in Local Supply (1) Output Block 1. Real Disposable Income 2. Consumption 3. International Exports 5. State and Local Government Spending 4. Investment 9. Intermediate Input Productivity 6. Output 7. Intermediate Inputs

8. Commodity Access Index 10. Change in Local Supply (1) Output Block 1. Real Disposable Income 2. Consumption 3. International Exports 5. State and Local Government Spending 4. Investment 9. Intermediate Input Productivity 6. Output 7. Intermediate Inputs Composite Price (Block 4) Economic Migrant (Block 3) Market Share (Block 5) Population (Block 5) Optimal vs. Actual Capital Stock (Block 2) Share of Domestic Markets (Block 4) Share of International Market (Block 4) Employment (Block 2) Wage Rate (Block 4) Not Shown Commuter Income or Outflow, Property Income, Transfers, Taxes, Social Security Payments Consumer Prices (Block 4)

8. Actual Capital Stock 3. Occupation Employment 1. Labor Productivity 5. Labor Substitution Effect for Capital 9. Gap between Actual and Optimal Stock 11. Government Employment 7. Optimal Non- Residential Capital Stock 4. Labor Access Index by Occupation and Industry 6. Capital Intensity (2) Labor & Capital Demand 10. Optimal Residential Capital Stock 2. Industry Employment

8. Actual Capital Stock 3. Occupation Employment 1. Labor Productivity 5. Labor Substitution Effect for Capital 9. Gap between Actual and Optimal Stock 11. Government Employment 7. Optimal Non- Residential Capital Stock 4. Labor Access Index by Occupation and Industry 6. Capital Intensity (2) Labor & Capital Demand 10. Optimal Residential Capital Stock Real Disposable Income (Block 1) Government Output (Block 1) Wage Rate vs. Capital (Block 4) 2. Industry Employment Output (Block 1) Investment (Block 1) Real Disposable Income (Block 1) Calculating Earnings (Block 1) Composite Wage Rate (Block 4) Wage Rate and Relative Employment Opportunity (Block 4)

(3) Population Labor Supply 1. Economic Migration 5. Participation Rate 4. The Employment to Potential Labor Force 3. Potential Labor Force 2. Population 6. Labor Force

(3) Population Labor Supply 1. Economic Migration 5. Participation Rate 4. The Employment to Potential Labor Force 3. Potential Labor Force 2. Population 6. Labor Force Residentially Adjusted Employment (Block 2) Local Government Spending (Block 1) Housing Price (Block 4) Employment Opportunity (Block 4) Wage Rate (Block 4) Relative Real Wage Rate (Block 4) Commodity Access Index (Block 1) Employment Opportunity E/LF (Block 4) Relative Real Wage Rate (Block 4)

1. Employment Opportunity E/LF 8. Housing Price 10. Real Relative Wage Rate for Migrants 9. Consumer Prices Including Housing Price 7. Real Wage Rate 6. Consumer Prices 2. Wage Rate 3. Composite Wage Rate 4. Composite Input Costs 5. Production Costs (4) Wages, Prices & Costs

1. Employment Opportunity E/LF 8. Housing Price 10. Real Relative Wage Rate for Migrants 9. Consumer Prices Including Housing Price 7. Real Wage Rate 6. Consumer Prices 2. Wage Rate 3. Composite Wage Rate 4. Composite Input Costs 5. Production Costs (4) Wages, Prices & Costs Labor Access Index by Occupation and Industry (Block 2) Input Access Productivity Effect (Block 1) Change in Population Density (Block 3) Change in Real Disposable Income Migrants (Block 3) Residentially- Adjusted Employment (Block 2) Occupational Employment (Block 4) Labor Force Share of International Exports and Imports (Block 5) Share of Domestic Markets (Block 5)

(5) Market Shares 1. Share of Domestic Market 2. Share of International Exports and Imports Markets

(5) Market Shares 1. Share of Domestic Market 2. Share of International Exports and Imports Markets Output for Domestic Market (Block 1) International Exports (Block 1) Changes in Quantity of Supply (Block 1) Changes in Delivered Costs Relative to Competitors’ (Block 4) and Other Regions’ Delivered Prices

REMI Model Linkages (Excluding Economic Geography Linkages)

Output Market Shares Labor & Capital Demand Population & Labor Supply Wages, Prices, & Profits REMI Model Structure

REMI Model Structure ( ) Output Market Shares Labor & Capital Demand Population & Labor Supply Wages, Prices, & Costs ECONOMIC GEOGRAPHY LINKAGES

Economic Geography Linkages