Forward Looking and Myopic Regional Computable General Equilibrium Models. How Significant is the Distinction?
We present a stylized intertemporal forward-looking model able that accommodates key regional economic features, an area where the literature is not well developed. The main difference, from the standard applications, is the role of saving and its implication for the balance of payments. Though maintaining dynamic forward-looking behaviour for agents, the rate of private saving is exogenously determined and so no neoclassical financial adjustment is needed. Also, we focus on the similarities and the differences between myopic and forward-looking models, highlighting the divergences among the main adjustment equations and the resulting simulation outcomes.
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Paper provided by University of Strathclyde Business School, Department of Economics in its series Working Papers with number
1133.
| Length: | 57 pages |
| Date of creation: | Nov 2011 |
| Publication status: | Published |
| Handle: | RePEc:str:wpaper:1133 |
| Contact details of provider: | Postal: Sir William Duncan Building, 130 Rottenrow, Glasgow G4 0GE Phone: +44 (0)141 548 3842 Fax: +44 (0)141 548 4445 Web page: http://www.strath.ac.uk/economics/ Email: More information through EDIRC
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