Applied General Equilibrium Modelling: Achievement, Failure and Potential
AbstractOver the last twenty years, applied general equilibrium models (AGEMs) have provided useful insights on the likely effects of disturbances in one part of the economy on activity in other parts; e.g. the effects of changes in manufacturing protection on exports of mineral products. On the other hand, AGEM-based analyses of the welfare effects of proposed policy changes have been unconvincing. Nor have forecasts derived from AGE models provided satisfactory guidance to people concerned with investment and other business decisions. This paper explains these views and discusses the research required to move AGE modelling closer to its full potential.
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Bibliographic InfoPaper provided by Victoria University, Centre of Policy Studies/IMPACT Centre in its series Centre of Policy Studies/IMPACT Centre Working Papers with number g-106.
Date of creation: Jun 1994
Date of revision:
Find related papers by JEL classification:
- C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
- D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
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