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Computable Equilibrium Modelling and Application to Economies in Transition

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  • Erno Zalai
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    Abstract

    This paper examines the development and implementation of computable general equilibrium (CGE) models and examines their application to economies undergoing transition. The generalised development of a CGE model is presented in terms of the series of 'building blocks' which comprise a typical CGE system, whilst the flexibility of the CGE approach is illustrated by comparison of two specific CGE models: the GEM-E3 framework, developed by a team of researchers, led by Professor Pantelis Capros, based at the National Technical University of Athens, and the Hungarian Multisectoral (HUMUS) model framework, developed by a team, led by the author, from the Budapest University of Economic Sciences. The paper then examines the issue of closure rules in CGE models, and details the manner in which closure rules may be chosen to reflect specific features of the economy under study, particularly when applying CGE analysis to economies under transition. Finally the paper analyses the implementation and simulation of CGE models, including the steps necessary to construct benchmark datasets, calibrate the models, and to estimate counterfactual solutions.

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    File URL: http://www.sml.hw.ac.uk/downloads/cert/wpa/1998/dp9804.pdf
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    Bibliographic Info

    Paper provided by Centre for Economic Reform and Transformation, Heriot Watt University in its series CERT Discussion Papers with number 9804.

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    Date of creation: 1998
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    Handle: RePEc:hwe:certdp:9804

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    Keywords: computable general equilibrium; closure rules; GEM-E3; HUMUS.;

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    Cited by:
    1. Serban S. Scrieciu, 2004. "Assessing the Economic Impacts of Incorporating Romania's Agricultural and Food Sectors into EU's Customs Union: an Applied General Equilibrium Approach," Computational Economics 0410004, EconWPA.

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