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The intertemporal general equilibrium model of the economy with the product, money and stock markets

Author

Listed:
  • N.P. Pilnik
  • I.G. Pospelov
  • S.A. Radionov
  • A.A. Zhukova

Abstract

This paper presents the general economic equilibrium model of the Republic of Kazakhstan. The model includes eight macroagents. Four of the macroagents, Household, Producer, Bank, Owner, are described by optimisation problems. The other four macroagents follow prescribed scenarios. All agents contact through market interactions. This framework appears to be an appropriate method to include the stock, money and product markets in a single macroeconomic model. The version of the model calibrated on quarterly data of 2005-2010 simulates the trajectories of variables that characterise the state of the real and financial sectors. The results presented in this paper demonstrate the ability of the model to represent the main effects and trends in the economy of the Republic of Kazakhstan.

Suggested Citation

  • N.P. Pilnik & I.G. Pospelov & S.A. Radionov & A.A. Zhukova, 2014. "The intertemporal general equilibrium model of the economy with the product, money and stock markets," International Journal of Computational Economics and Econometrics, Inderscience Enterprises Ltd, vol. 4(1/2), pages 207-233.
    • Handle: RePEc:ids:ijcome:v:4:y:2014:i:1/2:p:207-233
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    Cited by:

    1. Nikolay Pilnik & Stanislav Radionov & Artem Yazykov, 2018. "The Optimal Behavior Model of the Modern Russian Banking System," HSE Economic Journal, National Research University Higher School of Economics, vol. 22(3), pages 418-447.
    2. Fantazzini, Dean, 2014. "Editorial for the Special Issue on 'Computational Methods for Russian Economic and Financial Modelling'," MPRA Paper 55430, University Library of Munich, Germany.

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