AN APPROACH TO CALIBRATING A GENERAL EQUILIBRIUM MODEL INCORPORATING AN INPUT-OUTPUT ACCOUNTING MATRIX
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概要
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An applied general equilibrium model is a powerful analytical framework with which to examine the policy effects on the entire network of an economy. One of the important developments since Scarf (1967) has been the use of observed data, such as an input-output accounting matrix. One of the important steps for the empirical characterization of a model is so-called "calibration." Calibration is defined as "the requirement that the entire model specification be capable of generating a base-year equilibrium observation as a model solution" (Shoven and Whalley, 1992: 103). In this paper, I demonstrate a simple way to calibrate parameters so as to incorporate actual input-output data into a general equilibrium model. For this calibration, I grouped the 1995 Aomori Prefecture 13-sector input-output data into two sectors. One is the agricultural sector, defined as industry 0. The other is a highly aggregated non-agricultural sector defined, as industry 1. The final consumption data includes net export in value terms. For the replication check, the calibrated parameters produced a base-year equilibrium observation as a model solution. This data can therefore be considered an appropriate benchmark for various comparative static experiments. The main strength of the calibration approach is that it is relatively easily extended to incorporate multisector models. A possible weakness is that the number of iterations for the convergence of equilibrium values is relatively increased.
- 青森公立大学の論文
- 2004-03-20
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関連論文
- AN APPROACH TO CALIBRATING A GENERAL EQUILIBRIUM MODEL INCORPORATING AN INPUT-OUTPUT ACCOUNTING MATRIX
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