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Macro-Economic Models for R&D and Innovation Policies - A Comparison of QUEST, RHOMOLO, GEM-E3 and NEMESIS

Francesco Di Comite and d'Artis Kancs

No JRC94323, JRC Working Papers from Joint Research Centre (Seville site)

Abstract: This report compares the modelling of R&D in four macroeconomic models used by the European Commission for ex-ante policy impact assessment: QUEST, RHOMOLO, GEM-E3 and NEMESIS. Whereas the former three are general equilibrium models, the latter is a reduced form macro-econometric model. QUEST and RHOMOLO are in-house models developed and used within the European Commission, whereas GEM-E3 and NEMESIS are external models of University of Athens and University of Paris, respectively. The report highlights particularly those parts of the models that are relevant to R&D transmission mechanisms and interfaces for implementing policy shocks.

Keywords: QUEST; RHOMOLO; GEM-E3; NEMESIS; Macro-Economic Models; R&D Policies (search for similar items in EconPapers)
JEL-codes: C68 D24 D58 H50 O31 O32 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cse, nep-ino and nep-knm
Date: 2015-04
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Working Paper: Macroeconomic Modelling of R&D and Innovation Policies (2015) Downloads
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