State-level Dynamic CGE Modeling for Forecasting and Policy Analysis
AbstractIn computable general equilibrium (CGE) modeling there are two broad approaches to generating regional results: bottoms-up and tops-down. We describe both, providing illustrative examples from our experience in Australia. We then describe USAGE, a 500-order dynamic CGE model of the US that we are developing in collaboration with the US International Trade Commission. Tops-down State results from USAGE will be available in a relatively short time. With a longer time horizon, it will be possible to create a bottoms-up version of USAGE. Tops-down applications will be adequate for analysis of economy-wide shocks such as changes in Federal policies. Bottoms-up modeling will be required for analysis of shocks in which the essence is a change in relative costs across regions.
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Bibliographic InfoPaper provided by Monash University, Centre of Policy Studies/IMPACT Centre in its series Centre of Policy Studies/IMPACT Centre Working Papers with number ip-82.
Date of creation: Aug 2003
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Find related papers by JEL classification:
- D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
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