Modelling of Production Relations in the Lithuanian Economy
Articles
Daina Filatovaitė
Vilnius Gediminas Technical University, Lithuania
Nomeda Bratčikovienė
Vilnius Gediminas Technical University, Lithuania
Published 2015-12-20
https://doi.org/10.15388/LJS.2015.13880
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Keywords

Cobb–Douglas production function
price forecast
input-output table
scenarios of the Lithuanian economy

How to Cite

Filatovaitė D. and Bratčikovienė N. (2015) “Modelling of Production Relations in the Lithuanian Economy”, Lithuanian Journal of Statistics, 54(1), pp. 52-60. doi: 10.15388/LJS.2015.13880.

Abstract

This paper presents a method for the analysis of price index changes in each branch of thecountry’s economy given changes in production factors. Cobb–Douglas production functions were evaluated foreach sector separately enabling the forecasting of production quantities. The country’s total production functionwas estimated using conditional regression. Later, an inter-branch balance problem of price and productionvolume relationship evaluation was solved using a Lithuanian input–output table. Finally, combining the estimatedproduction functions and estimated price–output relationship, Lithuanian economy-relevant scenarios ofre-emigration and retail chain Lidl investment were analysed.

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