Dynamic Multi-Sector CGE Modeling -- Reply to Assmann and Hogrefe

Ron Wendner and Karl Farmer

MPRA Paper from University Library of Munich, Germany

Abstract: Farmer and Wendner (2004) consider the sensitivity of policy effects, as implied by dynamic multi-sector computable general equilibrium models, with respect to the specification of capital and investment aggregation. They demonstrate that (small) differences in the specification of capital and investment aggregation may yield large differences in the policy effects predicted by dynamic multi-sector computable general equilibrium models. Assmann and Hogrefe, AH in the following, conclude that Farmer and Wendner's (FW) result indeed also holds in different model frameworks. However, they criticize FW's model that is based on the ``puzzling'' value capital approach. Here, FW reply to AH's critique.

Keywords: heterogeneous capital; multi-sector CGE; investment aggregation; overlapping generations (search for similar items in EconPapers)
JEL-codes: C68 D11 D58 D91 (search for similar items in EconPapers)
Date: 2008-07-07
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Related works:
Journal Article: Dynamic multi-sector CGE modeling: Reply to Aßmann and Hogrefe (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:9494

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