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Building and running general equilibrium models in EViews

  • Essama-Nssah
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    A crucial step in policy analysis involves computing consequences of policy actions. The author shows how to implement numerically a general equilibrium model in EViews. Computable general equilibrium models are now commonly used in both industrial and developing countries to assess the impact of external shocks or economic policies on the structure of the economy or the distribution of welfare. The current version of EViews offers a set of tools for building and solving simulation models in general. The same tools make it possible to conduct policy analysis within a general equilibrium framework. Based on the generalized Salter-Swan framework and macroeconomic data for Indonesia, the author shows how to process a social accounting matrix, specify and calibrate the model, and run simulations. The results replicate welfare and structural effects of shocks and policies consistent with the underlying conceptual framework. They also reveal the key role played by structural parameters, such as the elasticity of export transformation and that of import substitution, in determining the extent of structural adjustment to shocks and the relevance of the policy response.

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    File URL: http://www-wds.worldbank.org/servlet/WDSContentServer/WDSP/IB/2004/04/15/000009486_20040415121826/Rendered/PDF/wps3197models.pdf
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    Paper provided by The World Bank in its series Policy Research Working Paper Series with number 3197.

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    Date of creation: 23 Jan 2004
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    Handle: RePEc:wbk:wbrwps:3197
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    1. T. W.Swan, 1960. "Economic Control In A Dependent Economy," The Economic Record, The Economic Society of Australia, vol. 36(73), pages 51-66, 03.
    2. Devarajan, Shantayanan & Robinson, Sherman, 2002. "The influence of computable general equilibrium models on policy," TMD discussion papers 98, International Food Policy Research Institute (IFPRI).
    3. Paul Dorosh & Muhammad Khan Niazi & Hina Nazli, 2006. "A Social Accounting Matrix for Pakistan, 2001-02 : Methodology and Results," Finance Working Papers 22187, East Asian Bureau of Economic Research.
    4. Roberts, Barbara M, 1994. " Calibration Procedure and the Robustness of CGE Models: Simulations with a Model for Poland," Economic Change and Restructuring, Springer, vol. 27(3), pages 189-210.
    5. Devarajan, Shantayanan & de Melo, Jaime, 1987. "Adjustment with a Fixed Exchange Rate: Cameroon, Cote d'Ivoire, and Senegal," World Bank Economic Review, World Bank Group, vol. 1(3), pages 447-87, May.
    6. Rattso, Jorn, 1982. "Different macroclosures of the original Johansen model and their impact on policy evaluation," Journal of Policy Modeling, Elsevier, vol. 4(1), pages 85-97, March.
    7. Devarajan, Shantayanan & Go, Delfin S. & Hongyi Li, 1999. "Quantifying the fiscal effects of trade reform," Policy Research Working Paper Series 2162, The World Bank.
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