Sequential macro-micro modelling with behavioural microsimulations
This paper presents a sequential methodology that combines a macroeconomic CGE model with a behavioural microsimulation, illustrates the approach with applications, and discusses its merits and shortcomings. The microsimulation, based on a household income generation model, allows for incorporating individual fixed effects into macro-micro analysis. We argue that one of the main merits of the sequential approach is its flexibility. However, this flexibility comes at the cost of theoretical inconsistency.
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