Calibration of Computable General Equilibrium Models from Synthetic Benchmark Equilibrium Data Sets*
Year: 1990
Type: article
Abstract: The most common procedure for estimating the share parameters of a CGE model is to calibrate the model using a particular year‐of‐record benchmark equilibrium data set. In this paper we argue the case for calibration from synthetic benchmark equilibrium data sets which portray the economy in a notional typical year. The development of a synthetic agricultural sector in the benchmark equilibrium data set of the ORANI model of the Australian economy is described Finally a comparison is made of the results from ORANI of an across‐the‐board tariff cut simulation computed with both the synthetic benchmark equilibrium data set and a particular year‐of‐record data set.
Source: Economic Record
Authors: PHILIP D. ADAMS, PETER J. HIGGS
Institution: The University of Melbourne
Language: English
Topic: Economic Theory and Policy
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W2069730727