In this section, we outline theoretical specification of the macroeconometric model. The current model included both supply side as well as the demand side of the economy. On the supply side production functions for agriculture sector, manufacturing sector and services sector has been considered. On the demand side, the model largely focuses on the behaviour of consumption, investment and foreign trade of goods and services respectively. The model covers five key blocks of the economy viz. the production block, aggregate demand block, fiscal block, foreign trade block and monetary block. This section presents the structural specification of each block.
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