Costs and Benefits of Incorporating Asset Markets into CGE Models: Evidence and Design Issues
Christopher Adam () and
David Bevan ()
Economics Series Working Papers from University of Oxford, Department of Economics
This paper discusses how a consistent treatment of asset markets may be integrated into standard trade-focussed CGE models. Starting from a core specification of the real economy, calibrated to data for Zambia in the mid-1990s, the paper examines the properties of a hierarchy of models which differ only in the specification of asset markets but subject to a common (negative) temporary fiscal shock.
Keywords: GENERAL EQUILIBRIUM; FINANCIAL MARKET; ECONOMIC MODELS (search for similar items in EconPapers)
JEL-codes: G10 D58 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:oxf:wpaper:99202
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