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RHOMOLO: A Dynamic General Equilibrium Modelling Approach to the Evaluation of the EU's Regional Policies

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  • Ben Gardiner
  • d'Artis Kancs

Abstract

This paper describes some of the features of a new dynamic general equilibrium framework (RHOMOLO) being developed at the European Commission (DG JRC, together with DG RE GIO) for evaluating EU Cohesion Policy. The design of the model reflects the objectives of Cohesion Policy, and a broader understanding of impact analysis which goes beyond pure economic effects and also considers environmental and social indicators. The model has both regional and sectoral dimensions – regionally, the aim is for complete NUTS2 coverage of the EU27, while the potential sector coverage is 23 – all of which leads to very large modelling dimensions and presents challenges in terms of data availability. The model is constructed using the concept of Dynamic Spatial General Equilibrium (DSGE), which ensures Walrasian equilibrium in a sequence of model solutions over time, and also incorporates elements of New Economic Geography (NEG) in the way it captures the forces of economic agglomeration and dispersion.

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Bibliographic Info

Paper provided by Economics and Econometrics Research Institute (EERI), Brussels in its series EERI Research Paper Series with number EERI_RP_2010_28.

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Date of creation: 28 Aug 2010
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Handle: RePEc:eei:rpaper:eeri_rp_2010_28

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Related research

Keywords: Economic modelling; spatial dynamics; policy impact assessment; regional development; economic geography; spatial equilibrium; DSGE.;

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  1. Blanchflower, D. & Oswald, A., 1989. "The Wage Curve," Papers 340, London School of Economics - Centre for Labour Economics.
  2. Krugman, Paul R & Venables, Anthony J, 1995. "Globalization and the Inequality of Nations," The Quarterly Journal of Economics, MIT Press, vol. 110(4), pages 857-80, November.
  3. Janos Varga & Jan in 't Veld, 2009. "A model-based analysis of the impact of Cohesion Policy expenditure 2000-06: simulations with the QUEST III endogenous R&D model," European Economy - Economic Papers 387, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  4. repec:fth:iniesr:430 is not listed on IDEAS
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Cited by:
  1. James Anderson, 2001. "Migration, FDI, and the Margins of Trade," EERI Research Paper Series EERI_RP_2001_05, Economics and Econometrics Research Institute (EERI), Brussels.
  2. Andries Brandsma & d'Artis Kancs & Damiaan Persyn, 2013. "Modelling Migration and Regional Labour Markets: An Application of the New Economic Geography Model RHOMOLO," Vives discussion paper series 36, Katholieke Universiteit Leuven, Faculteit Economie en Bedrijfswetenschappen, Vives.

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