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A Calibration Procedure of Dynamic CGE Models for Non-steady State Situations Using GEMPACK

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  • Wendner, Ronald

Abstract

This paper is concerned with the development of a calibration procedure for dynamic CGE models for non-steady state situations. While the literature on calibration of dynamic models mainly concentrates on the process of calibration in the context of a steady state, this essay centers upon the calibration procedure for the case that the model's state variables are not initially at their steady state values. Though this is the more realistic interpretation of a base year's data set it raises a number of additional difficulties including intertemporal feedback and the requirement that the basic data are consistent with the intertemporal equations of the model. These difficulties are discussed and a procedure is presented which can cope with them. Finally, the procedure is applied to an overlapping generations growth model with foresight and the steps involved in calibration are illustrated in detail. Citation Copyright 1999 by Kluwer Academic Publishers.

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Bibliographic Info

Article provided by Society for Computational Economics in its journal Computational Economics.

Volume (Year): 13 (1999)
Issue (Month): 3 (June)
Pages: 265-87

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Handle: RePEc:kap:compec:v:13:y:1999:i:3:p:265-87

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Cited by:
  1. T. Nicolaus Tideman & Florenz Plassmann, 2006. "An algorithm for sequential solutions of dynamic CGE models with perfect foresight over an infinite numbers of periods," Working Papers e07-6, Virginia Polytechnic Institute and State University, Department of Economics.
  2. Vipin Arora & Rod Tyers, 2011. "Asset Arbitrage and the Price of Oil," CAMA Working Papers 2011-21, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  3. Masahiro Kawai & Fan Zhai, 2010. "Asia’s Post-Global Financial Crisis Adjustment : A Model-Based Dynamic Scenario Analysis," Finance Working Papers 23055, East Asian Bureau of Economic Research.
  4. Wei Jin, 2012. "Can Technological Innovation Help China Take on Its Climate Responsibility? A Computable General Equilibrium Analysis," CAMA Working Papers 2012-51, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  5. Marouani, Mohamed A., 2005. "The Impact of the Multifiber Agreement Phaseout on Unemployment in Tunisia: A Prospective Dynamic Analysis," Center for European, Governance and Economic Development Research Discussion Papers 39, University of Goettingen, Department of Economics.
  6. Takeda, Shiro, 2007. "The double dividend from carbon regulations in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 21(3), pages 336-364, September.
  7. Mohamed Ali Marouani, 2007. "Is the End of the MFA a threat for the Tunisian Economy?," Working Papers DT/2007/05, DIAL (Développement, Institutions et Mondialisation).
  8. Mage-Bertomeu, Sabine, . "Poland’s Accession to the EU : What Effects on Transitional Dynamics, Long Run Growth and Welfare ?," Open Access publications from Université Paris-Dauphine urn:hdl:123456789/4104, Université Paris-Dauphine.
  9. Wei Jin, 2012. "International Knowledge Spillover and Technology Externality: Why Multilateral R&D Coordination Matters for Global Climate Governance," CAMA Working Papers 2012-53, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  10. Marouani, Mohamed A., 2005. "The Impact of the Multifiber Agreement Phaseout on Unemployment in Tunisia: A Prospective Dynamic Analysis," Center for European, Governance and Economic Development Research Discussion Papers 39, University of Goettingen, Department of Economics.
  11. Rasmussen, Tobias N. & Rutherford, Thomas F., 2004. "Modeling overlapping generations in a complementarity format," Journal of Economic Dynamics and Control, Elsevier, vol. 28(7), pages 1383-1409, April.
  12. Farmer, Karl & Wendner, Ronald, 2004. "Dynamic multi-sector CGE modeling and the specification of capital," Structural Change and Economic Dynamics, Elsevier, vol. 15(4), pages 469-492, December.
  13. Wei Jin, 2012. "Can China Harness Globalization to Reap Carbon Savings? Modeling International Technology Diffusion in a Multi-region Framework," CAMA Working Papers 2012-52, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  14. DURAND-LASSERVE, Olivier & Pierru , Axel & SMEERS, Yves, 2012. "Sensitivity of policy simulation to benchmark scenarios in CGE models: illustration with carbon leakage," CORE Discussion Papers 2012063, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).

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