TWO APPROACHES TO SOLVING A NUMERICAL GENERAL EQUILIBRIUM MODEL

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概要

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• The main objective in making a numerical general equilibrium model empirically operational is to develop an easily implementable algorithm which is fast and efficient. This paper compares the performance of two approaches to solving a numerical general equilibrium model. The alternative approaches are (1) the single equation approach with a factor price revision rule (FPRR), and (2) the sub-model approach with a factor price-quantity revision rule (FPQRR). The sub-model approach with the FPQRR turns out to be the more promising choice for solving a large-scale empirical general equilibrium model. The main reasons for this choice are : (1) the overall programming structure of the model is easily learned and modified by replacing some sub-models with alternatives ; (2) the interrelated mechanics between the factor market and the goods market sub-routines in a general equilibrium setting is clearer ; (3) each sub-model can be tested separately, considerably reducing the time for detecting and removing programming errors ; and (4) equilibrium solutions can be easily computed even when the model structure becomes larger.

• 青森公立大学の論文
• 2000-09-30

著者

• 河野 秀孝

  青森公立大学経営経済学部

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