Integrated simulation framework for Palestinian macroeconomic, trade and labour policy II

While the second generation of the Integrated Simulation Framework (ISF II) builds on UNCTAD’s previous models of the Palestinian economy, it focuses more on Palestinian national and international economic relations subsequent to the establishment of the PNA in 1994. Similar to the first generation, the ISF II is a Klein-type demand-side model, but it goes beyond the standard demand-side approach by integrating the supply side in its structure. Following Elkhafif (1996) and UNCTAD (2006), the ISF II integrates the input-output (I-O) approach to reflect the economy’s productive sectors and incorporate both supply and demand factors. Final demand variables operate through value-added equations, which in turn affect sectoral employment. The new model’s main developments compared to the 2006 model are the following.

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