Insights or forecasts? An evaluation of a computable general equilibrium model of Spain (original) (raw)

CEEAplA WP No . 06 / 2006 Computable General Equilibrium Models : A Literature Review

2006

Applied general equilibrium models have become popular tools used on ongoing economic policy debates. In this paper we discuss at length the most proeminent features of applied general equilibrium models in a comprehensive and non-technical way, thus accessible to the reader interested in economic policy but with no prior formal exposure to economic modeling. We rationalize the increasing political demand for such models as policy analysis tools. We argue that applied general equilibrium models are best equipped to model regional economies. Keywords: Regional Economic Modeling; CGE Models. JEL Codes: R11; C68. This paper was written within the development of a project to develop “An Instrument of Economic Policy Analysis for the Azores”, nanced by several institutions, namely, the US Department of Agriculture, the Luso-American Development Foundation and the Regional Government of the Azores. The project was managed by CEEAplA, an FCT supported center of the Universities of the Azo...

Part 1. The Model and Studies by Country From stylized to applied models: Building multisector CGE models for policy analysis

1999

This paper describes how to build multisector computable general equilibrium models for policy analysis. The article presents the social accounting matrix (SAM) that provides the conceptual framework linking together different components of the model and furnishes much of the data as well. This is followed by the equations of the core CGE model and by a description of how the core model is implemented using the GAMS software. The article proceeds to describe how the model's benchmark data and parameters are derived from the SAM. The final section uses data from an African country to consider how the GAMS model can be applied to evaluate the economic impact of capital inflows.

Computable general equilibrium models : theory and applications

2010

The book is divided into two parts. The first part deals with the theory of general equilibrium and microeconomics necessary for any student to appreciate the derivation of the equations used in the models. It gives a brief overview of static and dynamic general equilibrium models with an objective of juxtaposing both to enable the novice reader to quickly grasp the benefits of different models. It also gives working programs in GAMS and R to play around with the parameters and appreciate the interplay between the parameters and model results and the limitations. We emphatically state that this is but a very very elementary introduction and meant only as a pre-cursor to the world of economic modelling. The second part deals with the main objective of the book, the dynamic general equilibrium model for the Azores and the various policy simulations from the model. Initially it explains in detail the model equations and the Social Accounting Matrix and then outlines the simulation resu...

The New Generation of Computable General Equilibrium Models - Modelling the Economy

2018

The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.

The Structure of Applied General Equilibrium Models

2002

First MIT Press paperback edition, 2002 ,r 1997 Massachusetts Institute of Technology All rights reserved. No part of this book may be reproduced in any form by any electronic or mechanical means (including photocopying, recording, or information storage and retrieval) without ...

General Equilibrium Models: An Overview

This article reviews the literature on general equilibrium models, relevant to the Chilean economy, and revised versions of the papers presented at the Conference of General Equilibrium Models for the Chilean Economy organized by the Central Bank of Chile, that will be published in a book by the same name (edited by Rómulo Chumacero and Klaus Schmidt-Hebbel, 2005). This introductory chapter provides a brief overview of the development and application of three families of GEMs: macroeconomic GEMs, computable general equilibrium models, and overlapping generations models. We also summarize the scope and main results of the twelve GEMs that comprise the volume.