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Computable Equilibrium Modelling and Application to Economies in Transition

  • Erno Zalai
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    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.

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    File URL: http://www.sml.hw.ac.uk/downloads/cert/wpa/1998/dp9804.pdf
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    Paper provided by Centre for Economic Reform and Transformation, Heriot Watt University in its series CERT Discussion Papers with number 9804.

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    Date of creation: 1998
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    Handle: RePEc:hwe:certdp:9804
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    Web page: http://www.sml.hw.ac.uk/research/cert.htm
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    1. Capros, P. & Georgakopoulos, P. & Zografakis, S. & Proost, S., . "Double dividend analysis: first results of a general equilibrium mode (GEM-E3) linking the EU countries," CORE Discussion Papers RP -1207, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    2. Bergman, Lars, 1988. "Energy Policy Modeling: A survey of general equilibrium approaches," Journal of Policy Modeling, Elsevier, vol. 10(3), pages 377-399.
    3. 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.
    4. 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.
    5. 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.
    6. Bergman, Lars, 1990. "Energy and environmental constraints on growth: A CGE modeling approach," Journal of Policy Modeling, Elsevier, vol. 12(4), pages 671-691.
    7. Victor Ginsburgh & Jean Waelbroeck, 1981. "Activity analysis and general equilibrium modelling," ULB Institutional Repository 2013/1649, ULB -- Universite Libre de Bruxelles.
    8. 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.
    9. 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.
    10. 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.
    11. 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.
    12. 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.
    13. 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.
    14. 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.
    15. repec:cup:cbooks:9780521319867 is not listed on IDEAS
    16. repec:cup:cbooks:9780521104593 is not listed on IDEAS
    17. 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.
    18. Hahn, F H, 1987. "Information, Dynamics and Equilibrium," Scottish Journal of Political Economy, Scottish Economic Society, vol. 34(4), pages 321-34, November.
    19. Lluch, Constantino, 1973. "The extended linear expenditure system," European Economic Review, Elsevier, vol. 4(1), pages 21-32, April.
    20. 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.
    21. 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.
    22. GUESNERIE, Roger & JAFFRAY, Jean-Yves, . "Optimality of equilibrium of plans, prices and price expectations," CORE Discussion Papers RP -196, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    23. 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.
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