Empirical Models of General Economic Equilibrium

Dmitry Izotov

Spatial Economics=Prostranstvennaya Ekonomika, 2014, issue 3, 138-167

Abstract: The article considers possibilities and limitations of empirical models of general economic equilibrium and gives their classification. The author divides computable models of general economic equilibrium into two groups: the first one is based on a model of equilibrium prices (G. Scarf’s approach) and the second one - on a multisectorial model of economic growth (L. Johansen’s approach). The researcher also divides models of dynamic stochastic general equilibrium into two groups: the first one is based on a model of the real business cycle (F. Kydland and E. Prescott’s approach) and the second one - on a model of different behavior of firms under monopolistic competition (J. Rotemberg and M. Woodford’s approach). Within each group the study demarcates empirical models with the help of following criteria: an economy’s scale and its openness; application to current and future assessments; analyzed socio-economic phenomenon.

Keywords: ?; classification; ?; general; economic; equilibrium; ?; applied; model; of; general; equilibrium; ?; computable; model; of; general; equilibrium; ?; model; of; dynamic; stochastic; general; equilibrium; ?; Bayesian; approach; ?; external; shock (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:far:spaeco:y:2014:i:3:p:138-167

DOI: 10.14530/se.2014.3.138-167

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