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A General Equilibrium Evaluation of Aggregate Welfare Effects from Improved Sectoral Efficiency . Empirical Evidence for Norway

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Author Info
Erling Holmøy () (Statistics Norway)
Abstract

This paper discusses and shows how a CGE model can be used to assess welfare effects of structural policy reforms targeting inefficiency problems at micro levels that normally are not captured in operational CGE-models. The CGE approach allows computation of shadow prices which are generally both unobservable due to various price distortions, and endogenous. Moreover, the paper discusses how static measures of sectoral inefficiency can be implemented in a CGE-model that accounts for real world dynamics. Results from CGE-simulations suggest that general equilibrium effects have substantial influence on welfare, at least when the initial waste of resources is as large as reported in sector studies for Norway. More precisely, compared to the CGE-estimate a partial equilibrium approach overestimates the welfare gain by more than 30 percent.

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Paper provided by Research Department of Statistics Norway in its series Discussion Papers with number 224.

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Date of creation: Aug 1998
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Handle: RePEc:ssb:dispap:224

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Related research
Keywords: Structural reform Efficiency gains General equilibrium effects

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Find related papers by JEL classification:
C68 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Computable General Equilibrium Models
C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Microeconomic Data
H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
L70 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - General
L98 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Government Policy

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  1. Holmoy, Erling & Vennemo, Haakon, 1995. "A general equilibrium assessment of a suggested reform in capital income taxation," Journal of Policy Modeling, Elsevier, vol. 17(6), pages 531-556, December. [Downloadable!] (restricted)
  2. Aasness, Jorgen & Biorn, Erik & Skjerpen, Terje, 1993. "Engel Functions, Panel Data, and Latent Variables," Econometrica, Econometric Society, vol. 61(6), pages 1395-1422, November. [Downloadable!] (restricted)
  3. Stephen J. Turnovsky, 1991. "Tariffs and Sectoral Adjustments in an Open Economy," NBER Working Papers 3315, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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