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Solving Applied General Equilibrium Models Represented as a Mixture of Linearized and Levels Equations

W Jill Harrison, Ken Pearson, Alan Powell and John E. Small

Computational Economics, 1994, vol. 7, issue 3, 203-23

Abstract: General equilibrium models are usually represented as a system of levels equations (e.g., in North America) or a system of linearized equations (e.g., in Australia). Either representation can be used to obtain accurate solutions. General-purpose software is available in both cases--GAMS or MPS/GE is typically used by levels modellers and GEMPACK by linearizers. Some equations (notably accounting identities) are naturally expressed in the levels while others (especially behavioural equations) are naturally expressed in a linearized form. This paper describes the new GEMPACK facility for solving models represented as a mixture of levels and linearized equations and discusses the advantages to modellers of using such a representation. Coauthors are K. R. Pearson, Alan A. Powell and E. John Small. Citation Copyright 1994 by Kluwer Academic Publishers.

Date: 1994
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