Download PDF by Dr. Michael Malakellis (auth.): Integrated Macro-Micro-Modelling Under Rational

By Dr. Michael Malakellis (auth.)

ISBN-10: 3642576605

ISBN-13: 9783642576607

ISBN-10: 3790812749

ISBN-13: 9783790812749

This monograph is worried with the formula and implementation of ORANI-INT, an intertemporal Computable basic Equilibrium (CGE) version of the Australian economic system. the purpose is to compile, in a balanced procedure, concept and information for the aim of constructing a realistic cutting-edge instrument for coverage research. The modelling procedure followed is inspired by way of the hot pattern in economy-wide modelling to mix the respective strengths of conventional CGE versions and smooth macroeconomic types. conventional CGE versions regularly offer a dissagregate illustration of the financial system at a unmarried time limit. Such types are valuable for analysing matters regarding the allocation of assets one of the a number of brokers pointed out at a specific time limit. sleek macroeconomic versions, however, frequently offer an combination illustration of the economic system over many time cut-off dates. Such types are important for analysing matters regarding the allocation of assets throughout time. A version that mixes the strengths of static CGE types and smooth macro-dynamic versions is amenable to addressing quite a lot of coverage matters. to illustrate this element ORANI-INT is used to examine tariff reform.

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Extra info for Integrated Macro-Micro-Modelling Under Rational Expectations: With an Application to Tariff Reform in Australia

Example text

T j = 1..... 13. t = I ..... IL j. \ 1+1-'. t j = I ..... 13. t = I ..... 4». L { 1+1-' p~') j . = I ..... 13. I = I ..... 2 Demands for Composite Commodities and 'Other Cost' Tickets and the Supply of Output Having worked out the profit maximising input of the factor composite in the previous sub-section we can now derive the profit maximising output level. ••j •t A j •t Aj,t M' ~ , .... 1. L m { (I) (I)' (F)' (0)' j = I ..... 13. 10) are positive parameters. 5), the profit maximising output level is: j=I .....

Pure profits accruing to the users of primary factors are assumed to be zero. Thus, the revenue generated by the primary factors is equal to the cost of using them. t Xj,t j = I ..... 13. t = I ..... 6) is p;~'), the rental price of an effective unit of capital specific to sector j. 6) and solving for the price of the factor composite. p;~'). 2). L/(1+I-') + r~N)I/(1+I-')p(N*)"'/(1+",)}7. t j = 1..... 13. t = I ..... IL j. \ 1+1-'. t j = I ..... 13. t = I ..... 4». L { 1+1-' p~') j . = I ..... 13.

The above list of features indicates that ORANI-INT's theoretical structure contains few novel features. The primary contribution of this monograph is practical: it details the development of an intertemporal CGE model of the Australian economy and presents an application of the model to the analysis of a topical policy issue. In so doing we confronted several methodological and empirical issues. We anticipate that our experiences in dealing with these issues will prove useful to economic modellers generally (not necessarily CGE modellers) and to policy-makers.

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Integrated Macro-Micro-Modelling Under Rational Expectations: With an Application to Tariff Reform in Australia by Dr. Michael Malakellis (auth.)

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