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Computable general equilibrium models

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Computable general equilibrium (CGE) models play an important role in supporting public-policy making on such issues as trade, climate change and taxation. This significantly revised volume, keeping pace with the next-generation standard CGE model, is the only undergraduate-level introduction of its kind. The volume utilizes a graphical approach to explain the economic theory underlying a CGE model, and provides results from simple, small-scale CGE models to illustrate the links between theory and model outcomes. Its eleven hands-on exercises introduce modelling techniques that are applied to real-world economic problems. Students learn how to integrate their separate fields of economic study into a comprehensive, general equilibrium perspective as they develop their skills as producers or consumers of CGE-based analysis.

Computable general equilibrium models. --- Equilibrium (Economics) --- CGE models --- Equilibrium models, Computable general --- General equilibrium models, Computable --- Econometric models --- Mathematical models. --- Computable general equilibrium models --- Equilibrium (Economics) - Mathematical models

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Policies affecting resource allocation across tradable sectors and those affecting the incentives to produce tradable activities are key determinants of macroeconomic balance and growth. Computable general equilibrium models have made significant contributions to both types of policies. With advancements in computing power and software, these models have become easy to implement and are now widespread. The question then is when and how to formulate them to avoid the 'black box' syndrome. This book seeks to address these issues through carefully selected essays that analyse how to model general equilibrium linkages in a single economy, across developing and developed economies, and across both micro and macro policies. Micro policies examined include tariffs quotas and VERs, the choice of taxes to maximize government revenue, migration and remittances, and the political economy of tariff setting. Applications on macro policies cover capital inflows, real exchange rate determination, and the modeling of the effects of adjustment policies on income distribution. The book provides insights on the development of a family of models for diverse policy choices, focusing on the ways to model the following: links between tradable and non-tradable activities, labor markets, and portfolio choices given limited capital mobility. Selected essays are all inspired by specific policy problems, including the adaptation to external shocks (i.e. oil), consequences of capital inflows, determinants of migration and associated remittances, the productivity of foreign aid, and rent-seeking activities under trade regimes with non-price trade restrictions. Examples in this book lay out the theoretical foundations, alongside a variety of applications, to help formulate coherent and transparent models for policy analysis. Archetype economies are extensively used to show how differences in economic structure influence the effects of policies. Graduate students and policy analysts interested in modeling will find this a useful compendium of studies.

Equilibrium (Economics) --- Computable general equilibrium models --- Developing countries --- Economic policy.

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The second edition of Non-extensive Entropy Econometrics for Low Frequency Series provides a new and robust power-law-based, non-extensive entropy econometrics approach to the economic modelling of ill-behaved inverse problems. Particular attention is paid to national account-based general equilibrium models known for their relative complexity.In theoretical terms, the approach generalizes Gibbs-Shannon-Golan entropy models, which are useful for describing ergodic phenomena. In essence, this entropy econometrics approach constitutes a junction of two distinct concepts: Jayne's maximum entropy principle and the Bayesian generalized method of moments. Rival econometric techniques are not conceptually adapted to solving complex inverse problems or are seriously limited when it comes to practical implementation. Recent literature showed that amplitude and frequency of macroeconomic fluctuations do not substantially diverge from many other extreme events, natural or human-related, once they are explained in the same time (or space) scale. Non-extensive entropy is a precious device for econometric modelling even in the case of low frequency series, since outputs evolving within the Gaussian attractor correspond to the Tsallis entropy limiting case of Tsallis q-parameter around unity. This book introduces a sub-discipline called Non-extensive Entropy Econometrics or, using a recent expression, Superstar Generalised Econometrics. It demonstrates, using national accounts-based models, that this approach facilitates solving nonlinear, complex inverse problems, previously considered intractable, such as the constant elasticity of substitution class of functions. This new proposed approach could extend the frontier of theoretical and applied econometrics.

generalized cross-entropy, general equilibrium macro-economic model, econometrics. --- BUSINESS & ECONOMICS / Econometrics.

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This paper assesses the potential impact of antimicrobial resistance on global economic growth and poverty. The analysis uses a global computable general equilibrium model and a microsimulation framework that together capture impact channels related to health, mortality, labor productivity, health care financing, and production in the livestock and other sectors. The effects spread across countries via trade flows that may be affected by new trade restrictions. Relative to a world without antimicrobial resistance, the losses during 2015-50 may sum to USD 85 trillion in gross domestic product and USD 23 trillion in global trade (in present value). By 2050, the cost in global gross domestic product could range from 1.1 percent (low case) to 3.8 percent (high case). Antimicrobial resistance is expected to make it more difficult to eliminate extreme poverty. Under the high antimicrobial resistance scenario, by 2030, an additional 24.1 million people would be extremely poor, of whom 18.7 million live in low-income countries. In general, developing countries will be hurt the most, especially those with the lowest incomes.

Computable General Equilibrium Modeling --- Economic Growth Of Open Economies --- Health --- Measurement And Analysis Of Poverty