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The Reconciliation of Computable General Equilibrium and Macroeconomic Modelling: Grounds for Hope?

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  • Parsell, Bruce
  • Powell, Alan
  • Wilcoxen, Peter

Abstract

In the aftermath of the rational expectations debate and the onslaught of the New Classical economics, some builders of macroeconometric models have begun to change some of their habits, arguably for the better. In particular, neoclassical discipline is increasingly respected in the formulation of the steady states or balanced growth solutions of the latest versions of several models (e.g., Australia's Murphy Model, and the McKibbin-Sachs Global Model). As well, the behaviour of certain variables (especially exchange rates and investment) increasingly tends to be linked to intertemporal optimization. In this paper we evaluate these innovations and illustrate.the role of each, using recent simulations of the Murphy and McMbbin-Sachs models. We conclude that conditions have never been better for convergence in the two streams of economy-wide modelling.

Suggested Citation

  • Parsell, Bruce & Powell, Alan & Wilcoxen, Peter, 1989. "The Reconciliation of Computable General Equilibrium and Macroeconomic Modelling: Grounds for Hope?," Impact Project Archive 295060, Impact Research Centre, University of Melbourne.
    • Handle: RePEc:ags:ircipa:295060
    DOI: 10.22004/ag.econ.295060
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    1. is not listed on IDEAS
    2. Ye Qiang & Kenneth W. Clements, 1999. "Ten Years of the PHD Conference in Economics and Business," The Economic Record, The Economic Society of Australia, vol. 75(3), pages 301-312, September.
    3. Warwick. J. McKibbin, "undated". "Quantifying APEC Trade Liberalization: A Dynamic Analysis," Discussion Papers 122, Brookings Institution International Economics.
    4. JAMES H. BREECE & KEITH R. McLAREN & CHRISTOPHER W. MURPHY & ALAN A. POWELL, 1994. "Using the Murphy Model to Provide Short‐run Macroeconomic Closure for ORANI," The Economic Record, The Economic Society of Australia, vol. 70(210), pages 292-314, September.
    5. Klepper, Gernot & Lorz, Jens Oliver & Stähler, Frank & Thiele, Rainer & Wiebelt, Manfred, 1993. "Empirische allgemeine Gleichgewichts-Modelle: Struktur und Anwendungsmöglichkeiten," Kiel Working Papers 595, Kiel Institute for the World Economy (IfW Kiel).

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    Keywords

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    JEL classification:

    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications

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