Computable Equilibrium Modelling and Application to Economies in Transition
This paper examines the development and implementation of computable general equilibrium (CGE) models and examines their application to economies undergoing transition. The generalised development of a CGE model is presented in terms of the series of 'building blocks' which comprise a typical CGE system, whilst the flexibility of the CGE approach is illustrated by comparison of two specific CGE models: the GEM-E3 framework, developed by a team of researchers, led by Professor Pantelis Capros, based at the National Technical University of Athens, and the Hungarian Multisectoral (HUMUS) model framework, developed by a team, led by the author, from the Budapest University of Economic Sciences. The paper then examines the issue of closure rules in CGE models, and details the manner in which closure rules may be chosen to reflect specific features of the economy under study, particularly when applying CGE analysis to economies under transition. Finally the paper analyses the implementation and simulation of CGE models, including the steps necessary to construct benchmark datasets, calibrate the models, and to estimate counterfactual solutions.
|Date of creation:||1998|
|Date of revision:|
|Contact details of provider:|| Postal: Edinburgh EH14 4AS|
Phone: +44(0)131 451 3497
Fax: +44(0)131 451 3497
Web page: http://www.sml.hw.ac.uk/research/cert.htm
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Capros, Pantelis & Karadeloglou, Pavlos & Mentzas, Gregory, 1991. "Market imperfections in a general equilibrium framework : An empirical analysis," Economic Modelling, Elsevier, vol. 8(1), pages 116-128, January.
- Shoven, John B & Whalley, John, 1984. "Applied General-Equilibrium Models of Taxation and International Trade: An Introduction and Survey," Journal of Economic Literature, American Economic Association, vol. 22(3), pages 1007-51, September.
- Bergman, Lars, 1988. "Energy Policy Modeling: A survey of general equilibrium approaches," Journal of Policy Modeling, Elsevier, vol. 10(3), pages 377-399.
- Robinson, Sherman & Yunez-Naude, Antonio & Hinojosa-Ojeda, Raul & Lewis, Jeffrey D. & Devarajan, Shantayanan, 1999. "From stylized to applied models:: Building multisector CGE models for policy analysis," The North American Journal of Economics and Finance, Elsevier, vol. 10(1), pages 5-38.
- Taylor, Lance & Black, Stephen L., 1974. "Practical general equilibrium estimation of resource pulls under trade liberalization," Journal of International Economics, Elsevier, vol. 4(1), pages 37-58, April.
- Harrigan, Frank & McGregor, Peter G. & Dourmashkin, Neil & Perman, Roger & Swales, Kim & Yin, Ya Ping, 1991. "AMOS : A macro-micro model of Scotland," Economic Modelling, Elsevier, vol. 8(4), pages 424-479, October.
- Dewatripont, Mathias & Michel, Gilles, 1987.
"On closure rules, homogeneity and dynamics in applied general equilibrium models,"
Journal of Development Economics,
Elsevier, vol. 26(1), pages 65-76, June.
- Mathias Dewatripont & Gilles Michel, 1987. "On closure rules: homogeneity and dynamics in applied general equilibrium models," ULB Institutional Repository 2013/9563, ULB -- Universite Libre de Bruxelles.
- Harris, Richard, 1984.
"Applied General Equilibrium Analysis of Small Open Economies with Scale Economies and Imperfect Competition,"
American Economic Review,
American Economic Association, vol. 74(5), pages 1016-32, December.
- Richard Harris, 1983. "Applied General Equilibrium Analysis of Small Open Economies with Scale Economies and Imperfect Competition," Working Papers 524, Queen's University, Department of Economics.
- Pereira, Alfredo M. & Shoven, John B., 1988. "Survey of dynamic computational general equilibrium models for tax policy evaluation," Journal of Policy Modeling, Elsevier, vol. 10(3), pages 401-436.
- Victor Ginsburgh & Jean Waelbroeck, 1981. "Activity analysis and general equilibrium modelling," ULB Institutional Repository 2013/1649, ULB -- Universite Libre de Bruxelles.
- John B. Shoven & John Whalley, 1972.
"A General Equilibrium Calculation of the Effects of Differential Taxation of Income from Capital in the U.S,"
Cowles Foundation Discussion Papers
328, Cowles Foundation for Research in Economics, Yale University.
- Shoven, John B. & Whalley, John, 1972. "A general equilibrium calculation of the effects of differential taxation of income from capital in the U.S," Journal of Public Economics, Elsevier, vol. 1(3-4), pages 281-321, November.
- Fullerton, Don, et al, 1981. "Corporate Tax Integration in the United States: A General Equilibrium Approach," American Economic Review, American Economic Association, vol. 71(4), pages 677-91, September.
- repec:cor:louvrp:-1207 is not listed on IDEAS
- Jorgenson, Dale W. & Wilcoxen, Peter J., 1992. "Global change, energy prices, and US economic growth," Structural Change and Economic Dynamics, Elsevier, vol. 3(1), pages 135-154, June.
- Lluch, Constantino, 1973. "The extended linear expenditure system," European Economic Review, Elsevier, vol. 4(1), pages 21-32, April.
- Bergman, Lars, 1990. "Energy and environmental constraints on growth: A CGE modeling approach," Journal of Policy Modeling, Elsevier, vol. 12(4), pages 671-691.
- Conrad, K & Schroder, M, 1991. "Demand for Durable and Nondurable Goods, Environmental Policy and Consumer Welfare," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 6(3), pages 271-86, July-Sept.
- Burniaux, Jean Marc & Waelbroeck, Jean, 1992. "Preliminary results of two experimental models of general equilibrium with imperfect competition," Journal of Policy Modeling, Elsevier, vol. 14(1), pages 65-92, February.
- Smith, Alasdair & Venables, Anthony J., 1988.
"Completing the internal market in the European Community : Some industry simulations,"
European Economic Review,
Elsevier, vol. 32(7), pages 1501-1525, September.
- Smith, Alasdair & Venables, Anthony J, 1988. "Completing the Internal Market in the European Community: Some Industry Simulations," CEPR Discussion Papers 233, C.E.P.R. Discussion Papers.
- Hahn, F H, 1987. "Information, Dynamics and Equilibrium," Scottish Journal of Political Economy, Scottish Economic Society, vol. 34(4), pages 321-34, November.
- repec:cor:louvrp:-196 is not listed on IDEAS
- Harrison, Glenn & Rutherford, Thomas & Tarr, David & DEC, 1994. "Product standards, imperfect competition and completion of the market in the European Union," Policy Research Working Paper Series 1293, The World Bank.
When requesting a correction, please mention this item's handle: RePEc:hwe:certdp:9804. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Colin Miller)
If references are entirely missing, you can add them using this form.