Modeling a Regional Economy : the Case of Aomori, Japan

概要

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The objective of this paper is to model a regional economy, that of Aomori, Japan, and give a general equilibrium model an empirical characterization. A crucial step for the empirical characterization of an applied general equilibrium model (AGE) 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." For the empirical model construction, I used the baseline 13 sector input-output to build a 13 sector general equilibrium model incorporating Leontief type input-output accounting data. Calibration is achieved in this model through the use of 1995 Aomori Prefecture 13 sector input-output data [1, 1999]. The model closure is a small open economy with free capital mobility, so the prefectural current account is balanced by the financial account. In this way, the original input-output data was used without modification. For the replication check, the calibrated parameters are capable of generating a base-year equilibrium observation as a model solution. This data can therefore be considered as an appropriate benchmark for various comparative static experiments.
青森公立大学の論文
2005-03-22