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1(89) 2016 MATHEMATICS AND MECHANICS
P.I. Kuzmin, I.A. Malasheva, S.A. Poddubnova, S.I. Seliverstov
An Econometric Model for Analysis of Ways to Overcome Crisis
The paper deals with the analysis of crisis overcoming in 2008 by Australia on the basis of statistical data. An econometric model is elaborated. The econometric model is based on Cobb-Douglas production function for the Australian economy for the period of 2006–2014. Calculations are performed at 2005 values. Gross domestic product (GDP) at constant prices is calculated using Australia yearly GDP deflator index for the period of 2005–2014. R2 determination coefficient is high for the Cobb-Douglas model. The R2 value is close to 1 and α + β > 1 for the second model that considers oil barrel price, government expenditures and investments. Capital elasticity is negative, and gross regional product (GRP) elasticity is positive that means high dependency of GRP on labor costs than capital costs. The significance of all coefficients is above 0.96. Calculations demonstrate that timely anti-crisis measures of the Australian Government contributed to GDP growth and mitigated the effects of crisis.
DOI 10.14258/izvasu(2016)1-24
Key words: overcoming the crisis, econometric model, production function
Full text at PDF, 696Kb. Language: Russian. KUZMIN P.I.
MALASHEVA I.A.
PODDUBNOVA S.A.
SELIVERSTOV S.I.
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