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Presentation of the Three-ME model: Multi-sector Macroeconomic Model for the Evaluation of Environmental and Energy policy

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This paper presents the structure and the main properties of Three-ME. This new model of the French economy has been especially designed to evaluate the medium and long term impact of environmental and energy policies at the macroeconomic and sector levels. To do so Three-ME combines two important features. Firstly, it has the main characteristics of neo-Keynesian models by assuming a slow adjustment of effective quantities and prices to their notional level. Compared to standard multi-sectors CGEM, this has the advantage to allow for the existence of under-optimum equilibriums such as the presence of involuntary unemployment. Secondly, production and consumption structures are represented with a generalized CES function which allows for the elasticity of substitution to differ between each couple of inputs or goods. This is an improvement compared to the standard approach that uses nested CES functions which has the disadvantage to impose a common elasticity of substitution between the goods located in two different nested structures.

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Paper provided by Observatoire Francais des Conjonctures Economiques (OFCE) in its series Documents de Travail de l'OFCE with number 2011-10.

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Date of creation: May 2011
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Handle: RePEc:fce:doctra:1110

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Keywords: neo-Keynesian model; macroeconomic modeling; energy and environmental policy modeling;

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Cited by:
  1. Fabio Bacchini, Maria Elena Bontempi, Cristina Brandimarte, Roberto Golinelli, Cecilia Jona-Lasinio, Carmine Pappalardo, 2013. "The Macroeconometric Models For Italy (Memo-It): Policy Evaluation And Future Challanges," RIEDS - Rivista Italiana di Economia, Demografia e Statistica - Italian Review of Economics, Demography and Statistics, SIEDS Societa' Italiana di Economia Demografia e Statistica, vol. 0(2), pages 172-179, April-Jun.
  2. Frédéric Reynès, 2011. "The Cobb-Gouglas function as an approximation of other functions," Documents de Travail de l'OFCE 2011-21, Observatoire Francais des Conjonctures Economiques (OFCE).
  3. repec:spo:wpecon:info:hdl:2441/eu4vqp9ompqllr09i29kgilc0 is not listed on IDEAS

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