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Sensitivity of computable general equilibrium models to macroeconomic closure rules: Evidence from the IFPRI standard mode

Author

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  • Laborde Debucquet, David
  • Traoré, Fousseini

Abstract

In this paper, we study the sensitivity of computable general equilibrium (CGE) models to the choice of macroeconomic closure rule using the case of the standard IFPRI model for Nigeria and Tanzania. Two sets of simulations are performed: a 50 percent decrease in import taxes and a 10 percent increase in agricultural productivity. For each simulated scenario, we study around 10 closure rules related to the government, the rest of the world, the investment-savings equilibrium, and the factors market. We find that the model’s solutions are sensitive to the choice of the macroeconomic closure rule.

Suggested Citation

  • Laborde Debucquet, David & Traoré, Fousseini, 2017. "Sensitivity of computable general equilibrium models to macroeconomic closure rules: Evidence from the IFPRI standard mode," AGRODEP technical notes TN-15, International Food Policy Research Institute (IFPRI).
    • Handle: RePEc:fpr:agrotn:tn-15
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    Cited by:

    1. Mukashov, A., 2023. "Parameter uncertainty in policy planning models: Using portfolio management methods to choose optimal policies under world market volatility," Economic Analysis and Policy, Elsevier, vol. 77(C), pages 187-202.

    More about this item

    Keywords

    NIGERIA; TANZANIA; WEST AFRICA; EAST AFRICA; AFRICA SOUTH OF SAHARA; AFRICA; macroeconomics; mathematical models; Computable General Equilibrium (CGE) model; D58 Computable and Other Applied General Equilibrium Models;
    All these keywords.

    JEL classification:

    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models

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