Using the Murphy Model to Provide Short-run Macroeconomic Closure for ORANI
A macro model incorporating rational expectations in financial markets (the Murphy Model--MM) is used to endogenize the macroeconomic environment for a comprehensive general equilibrium model (ORANI). The interface exploits the existence of variables which are endogenous to both models, calibrating on a shock to government spending. Prospective benefits include: (1) to the numerous policy oriented users of ORANI, a facility allowing the macroeconomic environment to be determined by a macro dynamic model such as MM; (2) to these users, reassurance that ORANI's short-run translates in calendar time to about two years; (3) to the clientele of a macro model, the possibility of much more detailed projections. Coauthors are Keith R. McLaren, Christopher W. Murphy, and Alan A. Powell. Copyright 1994 by The Economic Society of Australia.
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Volume (Year): 70 (1994)
Issue (Month): 210 (September)
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References listed on IDEAS
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- P.D. Jonson & W.J. McKibbin & R.G. Trevor, 1980. "Models and Multipliers," RBA Research Discussion Papers rdp8006, Reserve Bank of Australia.
- Bruce F. Parsell & Alan A. Powell & Peter J. Wilcoxen, 1989. "The Reconciliation of Computable General Equilibrium and Macroeconomic Modelling: Grounds for Hope?," Centre of Policy Studies/IMPACT Centre Working Papers ip-44, Victoria University, Centre of Policy Studies/IMPACT Centre.
- Murphy, C W, 1988. "Rational Expectations in Financial Markets and the Murphy Model," Australian Economic Papers, Wiley Blackwell, vol. 27(0), pages 61-88, Supplemen.
- Dixon, Peter B. & Parmenter, B. R. & Powell, Alan A., 1984. "The role of miniatures in computable general equilibrium modelling : Experience from ORANI," Economic Modelling, Elsevier, vol. 1(4), pages 421-428, October.
- Pearson, K. R., 1988.
"Automating the computation of solutions of large economic models,"
Elsevier, vol. 5(4), pages 385-395, October.
- K.R. Pearson, 1986. "Automating the Computation of Solutions of Large Economic Models," Centre of Policy Studies/IMPACT Centre Working Papers ip-27, Victoria University, Centre of Policy Studies/IMPACT Centre.
- Cooper, Russel J & McLaren, Keith R, 1983. "The ORANI-MACRO Interface: An Illustrative Exposition," The Economic Record, The Economic Society of Australia, vol. 59(165), pages 166-79, June.
- Parsell, Bruce F & Powell, Alan A & Wilcoxen, Peter J, 1991.
"The Effects of Fiscal Restraint on the Australian Economy as Projected by the Murphy and MSG2 Models: A Comparison,"
The Economic Record,
The Economic Society of Australia, vol. 67(197), pages 97-114, June.
- Parsell, B.F. & Powell, A.A. & Wilcoxen, P.J., 1990. "The Effects Of Fiscal Restraints On The Australian Economy As Projected By The Murphy And Msg2 Models: A Comparison," CEPR Discussion Papers 225, Centre for Economic Policy Research, Research School of Economics, Australian National University.
- Murphy, C W, 1988. "An Overview of the Murphy Model," Australian Economic Papers, Wiley Blackwell, vol. 27(0), pages 175-99, Supplemen.
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