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An evaluation of the performance of an applied general equilibrium model of the Spanish economy

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Author Info
Timothy J. Kehoe
Clemente Polo
Ferran Sancho

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Abstract

In 1985?86 the authors were members of a team that constructed a static applied general equilibrium model that was used to analyze the impact on the Spanish economy of the 1986 fiscal reform, which accompanied Spain?s entry into the European Community. This paper compares the results obtained to recently published data for 1985?87; we find that the model performed well in predicting the changes in relative prices and resource allocation that actually occurred, particularly if we incorporate exogenous shocks that affected the Spanish economy in 1986. We also analyze the sensitivity of the results to alternative specifications of the labor market and macroeconomic closure rules; we find that the central results are robust.

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Paper provided by Federal Reserve Bank of Minneapolis in its series Working Papers with number 480.

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Date of creation: 1994
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Publication status: Published in Economic Theory (Vol. 6, No. 1, June 1995, pp. 115-141)
Handle: RePEc:fip:fedmwp:480

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Keywords: Equilibrium (Economics) - Mathematical models;

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  1. María Montero-Muñoz, 2000. "Estructura demográfica y sistemas de pensiones," Investigaciones Economicas, Fundación SEPI, vol. 24(2), pages 297-327, May. [Downloadable!]
  2. María Montero, . "Estructura demográfica y sistema de pensiones. Un análisis de equilibrio general aplicado a la economía española," Studies on the Spanish Economy 16, FEDEA. [Downloadable!]
  3. Timothy J. Kehoe, 2003. "An Evaluation of the Performance of Applied General Equilibrium Models of the Impact of NAFTA," Levine's Bibliography 506439000000000525, UCLA Department of Economics. [Downloadable!]
    Other versions:
  4. Timothy J. Kehoe, 1992. "Modeling the dynamic impact of North American free trade," Working Papers 491, Federal Reserve Bank of Minneapolis. [Downloadable!]
  5. Li, Naichia & Roe, Terry L., 2006. "Validating Dynamic General Equilibrium Model Forecasts," 2006 Annual meeting, July 23-26, Long Beach, CA 21325, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  6. Cardenete Flores, M.A & Llop Llop, M., 2005. "Modelos multisectoriales de equilibrio general aplicado en España: Una revisión/Multisectorial Applied General Equilibrium Models in Spain: a Review," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 23, pages 385-404, Agosto. [Downloadable!] (restricted)
  7. Hertel, Thomas W. & Keeney, Roman & Valenzuela, Ernesto, 2004. "Global Analysis Of Agricultural Trade Liberalization: Assessing Model Validity," 2004 Annual meeting, August 1-4, Denver, CO 20199, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  8. Ernesto Valenzuela & Kym Anderson & Thomas Hertel, 2008. "Impacts of trade reform: sensitivity of model results to key assumptions," International Economics and Economic Policy, Springer, vol. 4(4), pages 395-420, February. [Downloadable!] (restricted)
  9. Antonio Manresa & Ferran Sancho, 2002. "Implementing a Double Dividend: Recycling Ecotaxes Towards Lower Labour Taxes," UFAE and IAE Working Papers 536.02, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC). [Downloadable!]
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  10. Riccardo Magnani & Jean Mercenier, 2007. "On linking microsimulation and applied GE by exact aggregation of heterogeneous discrete-choice making agents," THEMA Working Papers 2007-06, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise. [Downloadable!]
  11. Francisco Miguel-Vélez & Manuel Cardenete Flores & Jesús Pérez-Mayo, 2009. "Effects of the tax on retail sales of some fuels on a regional economy: a computable general equilibrium approach," The Annals of Regional Science, Springer, vol. 43(3), pages 781-806, September. [Downloadable!] (restricted)
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  12. Antonio Gómez Gómez-Plana, . "Simulación De Políticas Económicas: Los Modelos De Equilibrio General Aplicado," Working Papers 35-02 Classification-JEL , Instituto de Estudios Fiscales. [Downloadable!]
  13. Francisco J. André & Manuel Alejandro Cardenete, 2005. "Multicriteria Policy Making. Defining Efficient Policies in a General Equilibrium Model," Economic Working Papers at Centro de Estudios Andaluces E2005/04, Centro de Estudios Andaluces. [Downloadable!]
  14. Timothy J. Kehoe, 1996. "Social accounting matrices and applied general equilibrium models," Working Papers 563, Federal Reserve Bank of Minneapolis. [Downloadable!]
  15. Patrick J. Kehoe & Timothy J. Kehoe, 1994. "A primer on static applied general equilibrium models," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Spr, pages 2-16. [Downloadable!]
  16. Francisco J. André & M. Alejandro Cardenete & Carlos Romero, 2007. "A goal programming approach for a joint design of macroeconomic and environmental policies: a methodological proposal and an application to the spanish economy," Working Papers 07.12, Universidad Pablo de Olavide, Department of Economics. [Downloadable!]
  17. Sami Bibi & Rim Chatti, 2006. "Trade Liberalization and the Dynamics of Poverty in Tunisia: a Layered CGE Microsimulation Analysis/Libéralisation des échanges et dynamique de la pauvreté en Tunisie: Analyse avec une micro-simula," Cahiers de recherche MPIA 2006-07, PEP-MPIA. [Downloadable!]
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