Central Bank and ESRI seek new economic forecast model
THE Central Bank and the Economic and Social Research Institute (ESRI) are planning to develop new computer programmes to predict how the economy will perform.
They placed ads yesterday looking for an economist to head a team of researchers to develop the new models over the next three years.
"This is an exciting opportunity with the successful candidate playing a central role in developing our understanding of the Irish economy as well as influencing domestic policy formulation," the ad reads.
"This project is of critical importance to both organisations, particularly in light of the current challenges facing the economy."
The bank and ESRI use a system called Hermes to predict how the economy will perform. Research shows it works well, but suggests the wrong information has sometimes been entered.
Economic models are used to discover what will happen to the economy if factors such as competitiveness decline or unemployment rises.