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SPECIFIC ASPECTS OF ECONOMETRIC MODELING IN MODERN ECONOMY

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This article examines the specific aspects of econometric modeling in the dynamic and complex conditions of the modern economy. The paper highlights contemporary trends such as the integration of big data, machine learning, and artificial intelligence, which play a crucial role in forecasting the impacts of inflation, unemployment, climate change, and pandemics. The methodology employs a systematic literature review, drawing on scientific articles from the Scopus, Web of Science, and ResearchGate databases over the last five years (2020-2025). The results indicate that ML-hybrid models enhance forecast accuracy (with reductions in RMSE and MAE), although the adverse effects of climate change and data uncertainty pose significant challenges. The conclusions and recommendations propose increasing the robustness of models in policy formulation, strengthening interdisciplinary collaboration, and implementing ethical standards, thereby contributing to sustainable development and economic recovery.

AUTHORS

A.Rajabov

Ma’mun Universiteti

Tags

# inflation forecasting# большие данные# Big Data# climate change# Машинное обучение# Machine Learning# современная экономика# zamonaviy iqtisodiyot# modern economy# ekonometrik modellashtirish# эконометрическое моделирование# econometric modeling# barqaror rivojlanish.# sustainable development.# iqlim oʻzgarishi# устойчивое развитие.# katta ma’lumotlar# mashinaviy oʻrganish# DSGE modellar# inflyatsiya prognozi# изменение климата# модели DSGE# прогнозирование инфляции# DSGE models

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Article Identifiers

ROI:

https://eroi.uz/11.0183/A0126-0005

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References

Ali, W., Ambiya, & Dash, D. P. (2023). Examining the Perspectives of Gender Development and Inequality: A Tale of Selected Asian Economies. Administrative Sciences, 13(4), 115. https://doi.org/10.3390/admsci13040115

Alomani, G., et al. (2025). Global inflation forecasting and Uncertainty Assessment: Comparing ARIMA with advanced machine learning. Journal of Radiation Research and Applied Sciences, 18(2), 101402. https://doi.org/10.1016/j.jrras.2025.101402

Chudo, S. B., & Terdik, G. (2025). Modeling and Forecasting Time-Series Data with Multiple Seasonal Periods Using Periodograms. Econometrics, 13(2), 14. https://doi.org/10.3390/econometrics13020014

Chung, D., & Hwang, J. (2022). An Economic and Social Impact of International Aid at National Level: application of spatial panel model. World, 3(3), 575-585. https://doi.org/10.3390/world3030031

De Zarzà, I., et al. (2023). Optimized financial planning: integrating individual and cooperative models with LLM recommendations. AI, 5(1), 91-114. https://doi.org/10.3390/ai5010006

Dritsaki, M., & Dritsaki, C. (2023). R&D Expenditures on innovation: A panel cointegration study of the EU Countries. Sustainability, 15(8), 6637. https://doi.org/10.3390/su15086637

Fu, R., Deng, D., & Liu, T. (2023). The Impact of Aging on Housing Market: Evidence from China. Sustainability, 15(5), 4161. https://doi.org/10.3390/su15054161

Furmankiewicz, M., et al. (2021). Climate change challenges and community-led development strategies: Do they fit together in fisheries regions?. Energies, 14(20), 6614. https://doi.org/10.3390/en14206614

Gričar, S., Lojanica, N., & Backović, T. (2025). Financial Econometrics and Quantitative Economic Analysis. Journal of Risk and Financial Management, 18(3), 166. https://doi.org/10.3390/jrfm18030166

Jo, C., Kim, D. H., & Lee, J. W. (2023). Forecasting unemployment and employment: A system dynamics approach. Technological Forecasting and Social Change, 194, 122715. https://doi.org/10.1016/j.techfore.2023.122715

Khan, R. Z., Razak, L. A., & Premaratne, G. (2025). Green Growth and Sustainability: A Systematic Literature Review on Theories, Measures and Future Directions. Cleaner and Responsible Consumption, 100274. https://doi.org/10.1016/j.clrc.2025.100274

Lakner, Z., et al. (2024). Possibilities and limits of modelling of long-range economic consequences of air pollution–A case study. Heliyon, 10(4). https://doi.org/10.1016/j.heliyon.2024.e26483

Majeed, A., et al. (2024). The symmetric effect of financial development, human capital and urbanization on ecological footprint: Insights from BRICST economies. Sustainability, 16(12), 5051. https://doi.org/10.3390/su16125051

McKibbin, W., & Fernando, R. (2023). The global economic impacts of the COVID-19 pandemic. Economic Modelling, 129, 106551. https://doi.org/10.1016/j.econmod.2023.106551

Ali, W., Ambiya, & Dash, D. P. (2023). Examining the Perspectives of Gender Development and Inequality: A Tale of Selected Asian Economies. Administrative Sciences, 13(4), 115. https://doi.org/10.3390/admsci13040115

Alomani, G., et al. (2025). Global inflation forecasting and Uncertainty Assessment: Comparing ARIMA with advanced machine learning. Journal of Radiation Research and Applied Sciences, 18(2), 101402. https://doi.org/10.1016/j.jrras.2025.101402

Chudo, S. B., & Terdik, G. (2025). Modeling and Forecasting Time-Series Data with Multiple Seasonal Periods Using Periodograms. Econometrics, 13(2), 14. https://doi.org/10.3390/econometrics13020014

Chung, D., & Hwang, J. (2022). An Economic and Social Impact of International Aid at National Level: application of spatial panel model. World, 3(3), 575-585. https://doi.org/10.3390/world3030031

De Zarzà, I., et al. (2023). Optimized financial planning: integrating individual and cooperative models with LLM recommendations. AI, 5(1), 91-114. https://doi.org/10.3390/ai5010006

Dritsaki, M., & Dritsaki, C. (2023). R&D Expenditures on innovation: A panel cointegration study of the EU Countries. Sustainability, 15(8), 6637. https://doi.org/10.3390/su15086637

Fu, R., Deng, D., & Liu, T. (2023). The Impact of Aging on Housing Market: Evidence from China. Sustainability, 15(5), 4161. https://doi.org/10.3390/su15054161

Furmankiewicz, M., et al. (2021). Climate change challenges and community-led development strategies: Do they fit together in fisheries regions?. Energies, 14(20), 6614. https://doi.org/10.3390/en14206614

Gričar, S., Lojanica, N., & Backović, T. (2025). Financial Econometrics and Quantitative Economic Analysis. Journal of Risk and Financial Management, 18(3), 166. https://doi.org/10.3390/jrfm18030166

Jo, C., Kim, D. H., & Lee, J. W. (2023). Forecasting unemployment and employment: A system dynamics approach. Technological Forecasting and Social Change, 194, 122715. https://doi.org/10.1016/j.techfore.2023.122715

Khan, R. Z., Razak, L. A., & Premaratne, G. (2025). Green Growth and Sustainability: A Systematic Literature Review on Theories, Measures and Future Directions. Cleaner and Responsible Consumption, 100274. https://doi.org/10.1016/j.clrc.2025.100274

Lakner, Z., et al. (2024). Possibilities and limits of modelling of long-range economic consequences of air pollution–A case study. Heliyon, 10(4). https://doi.org/10.1016/j.heliyon.2024.e26483

Majeed, A., et al. (2024). The symmetric effect of financial development, human capital and urbanization on ecological footprint: Insights from BRICST economies. Sustainability, 16(12), 5051. https://doi.org/10.3390/su16125051

McKibbin, W., & Fernando, R. (2023). The global economic impacts of the COVID-19 pandemic. Economic Modelling, 129, 106551. https://doi.org/10.1016/j.econmod.2023.106551