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Visual Economic Modelling System (VEMS) for Computable General Equilibrium Models

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  • Nico Vellinga

    (Hendyplan Luxembourg)

Abstract

By using a graphical user interface of the software tool Visual Economic Modelling System (VEMS) a modeller can set up a computable general equilibrium model by specifying the various stocks and the flows between them. VEMS generates the corresponding social accounting matrix, the equations of the model, the equations for carrying out the calibration and is capable of performing simulations. The tool is build using Microsoft Visual Basic with an object oriented approach. GAMS is the tool in the background for solving each of the models. GAMS is also used for (partly) calibrating the model and a Prolog program can also be used for the calibration. Static and dynamic (backward and forward-looking) models can be generated. The models are written using the GAMS syntax. There are NLP, MCP, MCP $$^{+}$$ + and MPSGE versions of the model. VEMS is a prototype and needs further development. One obvious application of it would be as an educational tool for economic modellers.

Suggested Citation

  • Nico Vellinga, 2018. "Visual Economic Modelling System (VEMS) for Computable General Equilibrium Models," Computational Economics, Springer;Society for Computational Economics, vol. 51(4), pages 1097-1121, April.
    • Handle: RePEc:kap:compec:v:51:y:2018:i:4:d:10.1007_s10614-017-9659-7
    DOI: 10.1007/s10614-017-9659-7
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    References listed on IDEAS

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