Calibration of Computable General Equilibrium Models from Synthetic Benchmark Equilibrium Data Sets

Philip David Adams () and Peter J Higgs

The Economic Record, 1990, vol. 66, issue 193, pages 110-26

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 national 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. Copyright 1990 by The Economic Society of Australia.

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