Data Base and Model Calibration

Manuel Alejandro Cardenete, Ana-Isabel Guerra and Ferran Sancho
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Ana-Isabel Guerra: Universidad de Granada

Chapter 6 in Applied General Equilibrium, 2017, pp 109-144 from Springer

Abstract: Abstract In Chaps. 3 , 4 and 5 we have developed a simple but increasingly complex general equilibrium model. Starting with the standard textbook version of a private, closed economy we showed how the different pieces of the model interact with each other to give rise to a system of equations that capture and describe market equilibrium. The addition of the government and the external sector, as well as the modification of the labor market to allow for unemployment, provided a more realistic picture of an actual economy and laid the grounds for the study of various policy issues. In each of the examples used, however, the specification of the model parameters was arbitrary, except for a choice of units that yielded convenient solution values for prices and output levels.

Date: 2017
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DOI: 10.1007/978-3-662-54893-6_6

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