Download e-book for kindle: Integrated Macro-Micro-Modelling Under Rational by Dr. Michael Malakellis (auth.)

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 common Equilibrium (CGE) version of the Australian economic climate. the purpose is to assemble, in a balanced method, thought and knowledge for the aim of constructing a pragmatic state of the art instrument for coverage research. The modelling process followed is influenced via the hot development in economy-wide modelling to mix the respective strengths of conventional CGE versions and glossy macroeconomic versions. conventional CGE versions often offer a dissagregate illustration of the economic climate at a unmarried time limit. Such versions are worthwhile for analysing concerns related to the allocation of assets one of the a number of brokers pointed out at a selected cut-off date. smooth macroeconomic versions, nonetheless, frequently supply an combination illustration of the economic system over many time cut-off dates. Such types are valuable for analysing concerns concerning 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 concerns. to illustrate this aspect ORANI-INT is used to examine tariff reform.

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

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There are many COE models used throughout the world but most of these are either static or have minimal dynamics. The methodology presented in this monograph shows how a static COE model can be easily embedded in a dynamic framework that allows for rational expectations. Typically, static COE models are rich in structural detail. Our approach is to embed a static COE model in an intertemporal framework without compromising significantly on the structural detail. Such a model has the potential to deal with a wide range of issues concerning the allocation of resource both at a particular point in time and over time.

Producers are grouped into 13 industrial sectors. Each of these sectors produces a single commodity. For each domestic commodity there is assumed to be an imperfect foreign substitute. , producers, consumers, investors and governments). A representative foreign agent uses the 13 domestically produced commodities. As well as intermediate inputs, producers use three primary factors (agricultural land, labour and sector-specific capital) and inputs of 'other cost' tickets (which cover miscellaneous industry expenses).

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.

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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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