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Calibration Procedure and the Robustness of CGE Models: Simulations with a Model for Poland

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  • Roberts, Barbara M

Abstract

Calibration is commonly used in order to specify a numerical computable general equilibrium model. As it involves the evaluation of model parameters on the basis of a single observation, there is a concern about the reliability of the results obtained from the model. A one-sector model for the Polish economy is specified and calibrated using various years as a benchmark equilibrium. Different assumptions are also made about some elasticity parameters. The model response is examined by simulating an increase in government expenditure. The results are quite robust to the choice of the base year but very sensitive to some elasticity parameters such as trade substitution elasticities. Copyright 1994 by Kluwer Academic Publishers

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Bibliographic Info

Article provided by Springer in its journal Economics of Planning.

Volume (Year): 27 (1994)
Issue (Month): 3 ()
Pages: 189-210

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Handle: RePEc:kap:ecopln:v:27:y:1994:i:3:p:189-210

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Web page: http://www.springerlink.com/link.asp?id=113294

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Cited by:
  1. Nilsson, Charlotte, 1999. "A Unilateral Versus a Multilateral Carbon Dioxide Tax - A Numerical Analysis with the European Model GEM-E3," Working Paper 66, National Institute of Economic Research.
  2. Thissen, Mark & Lensink, Robert, 2001. "Macroeconomic effects of a currency devaluation in Egypt: An analysis with a computable general equilibrium model with financial markets and forward-looking expectations," Journal of Policy Modeling, Elsevier, vol. 23(4), pages 411-419, May.
  3. Essama-Nssah, 2004. "Building and running general equilibrium models in EViews," Policy Research Working Paper Series 3197, The World Bank.
  4. Piazolo, Daniel, 1998. "Investment behavior in dynamic computable general equilibrium models for transition economies," Kiel Working Papers 879, Kiel Institute for the World Economy.
  5. Arndt, Channing & Robinson, Sherman & Tarp, Finn, 1999. "Parameter estimation for a computable general equilibrium model: a maximum entropy approach," TMD discussion papers 40, International Food Policy Research Institute (IFPRI).
  6. Barbara M Roberts & Jeffery I Round, . "Import Demand Specification in Computable General Equilibrium Models of Economies in Transition," Discussion Papers in European Economics 99/4, Department of Economics, University of Leicester.
  7. Thissen, Mark, 1998. "Two decades of CGE modelling lessons from models for Egypt," Research Report 99C02, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
  8. Joshua Elliott & Meredith Franklin & Ian Foster & Todd Munson & Margaret Loudermilk, 2012. "Propagation of Data Error and Parametric Sensitivity in Computable General Equilibrium Models," Computational Economics, Society for Computational Economics, vol. 39(3), pages 219-241, March.
  9. Thissen, Mark, 1998. "A classification of empirical CGE modelling," Research Report 99C01, University of Groningen, Research Institute SOM (Systems, Organisations and Management).

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