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An Intertemporal Applied General Equilibrium Model Based On Orani

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  • Malakellis, Micheal

Abstract

The ORANI model of the Australian economy [Dixon, Parmenter, Sutton and Vincent (1982)] has been used extensively to analyse issues involving the composition of the economy. ORANI is essentially comparative static in nature; it does not project the trajectory of the economy between the initial point at which a shock occurs and the new equilibrium configuration. Even in the forecasting version of ORANI, ORANI-F [Parmenter (1988)], results show only average annual growth rates over the length of run simulated. The usefulness of intertemporal applied general equilibrium models is well documented (see for example Dixon (1990), Dixon and Parmenter (1990) and Dixon, Parmenter, Powell and Wilcoxen (forthcoming)). The purpose of this paper is to describe a computational approach to an intertemporal elaboration of ORANI. This implementation is motivated by the work of Dixon and Parmenter (1990). The prototype model described here offers the prospect of comparative dynamic 'simulations with a detailed applied general equilibrium model.

Suggested Citation

  • Malakellis, Micheal, 1992. "An Intertemporal Applied General Equilibrium Model Based On Orani," Impact Project Archive 295211, Impact Research Centre, University of Melbourne.
    • Handle: RePEc:ags:ircipa:295211
    DOI: 10.22004/ag.econ.295211
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    References listed on IDEAS

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    1. Lluch, Constantino, 1973. "The extended linear expenditure system," European Economic Review, Elsevier, vol. 4(1), pages 21-32, April.
    2. Peter B. Dixon & B. R. Parmenter & Mark Horridge, 1986. "Forecasting Versus Policy Analysis with the ORANI Model," Centre of Policy Studies/IMPACT Centre Working Papers op-56, Victoria University, Centre of Policy Studies/IMPACT Centre.
    3. Vincent, David P & Dixon, Peter B & Powell, Alan A, 1980. "The Estimation of Supply Response in Australian Agrucilture: The CRESH/CRETH Production System," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 21(1), pages 221-242, February.
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