Multicriteria Policy Making. Defining Efficient Policies in a General Equilibrium Model
We propose to model policy making as a multicriteria problem and solve it using suitable multicriteria techniques in connection with some structural economic model to represent optimal policy making and to get useful policy recommendations. By using a multiobjective approach combined with a Computable General Equilibrium model, we propose the concept of efficient policy and calculate the set of efficient policies for the Spanish economy in an empirical exercise. This approach allows us to quantify the trade-off between growth and inflation, to measure the efficiency of the actually applied fiscal policy and to get some plausible modifications that could foster policy efficiency in practice.
|Date of creation:||2005|
|Date of revision:|
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- Ballard, Charles L. & Fullerton, Don & Shoven, John B. & Whalley, John, 2009.
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National Bureau of Economic Research Books,
University of Chicago Press,
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- M. Alejandro Cardenete & Ferran Sancho, 2004. "El marco del SEC95 y las matrices de contabilidad social: España 1995," Economic Working Papers at Centro de Estudios Andaluces E2004/03, Centro de Estudios Andaluces.
- Hannele Wallenius & Jyrki Wallenius & Pentti Vartia, 1978. "An Approach to Solving Multiple Criteria Macroeconomic Policy Problems and an Application," Management Science, INFORMS, vol. 24(10), pages 1021-1030, June.
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