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

Philip Adams () and Peter J. Higgs

The Economic Record, 1990, vol. 66, issue 2, 110-126

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.

Date: 1990
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https://doi.org/10.1111/j.1475-4932.1990.tb01712.x

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