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A classification of empirical CGE modelling

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  • Thissen, Mark

    (Groningen University)

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    Abstract

    This paper investigates asymmetric effects of monetary policy over the business cycle. A two-state Markov Switching Model is employed to model both recessions and expansions. For the United States and Germany, strong evidence is found that monetary policy is more effective in a recession than during a boom. Also some evidence is found for asymmetry in the United Kingdom and Belgium. In the Netherlands, monetary policy is not very effective in either regime.

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    File URL: http://irs.ub.rug.nl/ppn/176969845
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    Bibliographic Info

    Paper provided by University of Groningen, Research Institute SOM (Systems, Organisations and Management) in its series Research Report with number 99C01.

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    Date of creation: 1998
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    Handle: RePEc:dgr:rugsom:99c01

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    1. Feltenstein, Andrew & Shah, Anwar, 1992. "General equilibrium effects of investment incentives in Mexico," Policy Research Working Paper Series 927, The World Bank.
    2. Shoven,John B. & Whalley,John, 1992. "Applying General Equilibrium," Cambridge Books, Cambridge University Press, number 9780521266550, Fall.
    3. Decaluwe, Bernard & Martens, Andre, 1988. "CGE modeling and developing economies: A concise empirical survey of 73 applications to 26 countries," Journal of Policy Modeling, Elsevier, vol. 10(4), pages 529-568.
    4. Herbert E. Scarf, 1967. "On the Computation of Equilibrium Prices," Cowles Foundation Discussion Papers 232, Cowles Foundation for Research in Economics, Yale University.
    5. Scarf,Herbert E. & Shoven,John B., 2008. "Applied General Equilibrium Analysis," Cambridge Books, Cambridge University Press, number 9780521070935, Fall.
    6. Bohringer, Christoph & Rutherford, Thomas F., 1997. "Carbon Taxes with Exemptions in an Open Economy: A General Equilibrium Analysis of the German Tax Initiative," Journal of Environmental Economics and Management, Elsevier, vol. 32(2), pages 189-203, February.
    7. Victor Ginsburgh & Michiel Keyzer, 2002. "The Structure of Applied General Equilibrium Models," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262571579, December.
    8. Markusen, James R. & Rutherford, Thomas F. & Hunter, Linda, 1995. "Trade liberalization in a multinational-dominated industry," Journal of International Economics, Elsevier, vol. 38(1-2), pages 95-117, February.
    9. Taylor, Lance & Lysy, Frank J., 1979. "Vanishing income redistributions : Keynesian clues about model surprises in the short run," Journal of Development Economics, Elsevier, vol. 6(1), pages 11-29, February.
    10. Lopez-de-Silanes, Florencio & Markusen, James R. & Rutherford, Thomas F., 1996. "Trade policy subtleties with multinational firms," European Economic Review, Elsevier, vol. 40(8), pages 1605-1627, November.
    11. Harrison, Glenn W & Rutherford, Thomas F & Tarr, David G, 1997. "Quantifying the Uruguay Round," Economic Journal, Royal Economic Society, vol. 107(444), pages 1405-30, September.
    12. Dawkins, Christina & Srinivasan, T.N. & Whalley, John, 2001. "Calibration," Handbook of Econometrics, in: J.J. Heckman & E.E. Leamer (ed.), Handbook of Econometrics, edition 1, volume 5, chapter 58, pages 3653-3703 Elsevier.
    13. Harrison, Glenn W. & Jones, Richard & Kimbell, Larry J. & Wigle, Randal, 1993. "How robust is applied general equilibrium analysis?," Journal of Policy Modeling, Elsevier, vol. 15(1), pages 99-115, February.
    14. Roberts, Barbara M, 1994. " Calibration Procedure and the Robustness of CGE Models: Simulations with a Model for Poland," Economic Change and Restructuring, Springer, vol. 27(3), pages 189-210.
    15. Wiese, Arthur M., 1995. "On the construction of the total accounts from the U.S. national income and product accounts: How sensitive are applied general equilibrium results to initial conditions?," Journal of Policy Modeling, Elsevier, vol. 17(2), pages 139-162, April.
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    Cited by:
    1. Scrieciu, Silviu Serban & Blake, Adam, 2003. "General Equilibrium Modelling Applied to Romania (GEMAR): Focusing on the Agricultural and Food Sectors," Development Economics and Public Policy Working Papers 30544, University of Manchester, Institute for Development Policy and Management (IDPM).
    2. Sinha, Anushree & Khan, Haider, 2008. "Gender and Informal Sector Analysis in India: Economy Wide Approaches," Working Paper Series RP2008/65, World Institute for Development Economic Research (UNU-WIDER).
    3. Nicolas Hérault, 2004. "Un modèle d'équilibre général calculable (MEGC) pour évaluer les effets de l'ouverture au commerce international : le cas de l'Afrique du Sud," Documents de travail 102, Groupe d'Economie du Développement de l'Université Montesquieu Bordeaux IV.
    4. Yilmaz Akyuz, 2005. "The WTO Negotiations on Industrial Tariffs: What is at Stake for Developing Countries?," Working Papers 2005/8, Turkish Economic Association.

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