Understanding the Australian economy: a computable general equilibrium model with updated data and parameters

George Verikios, Kevin Hanslow () and Marc Jim Mariano
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Marc Jim Mariano: KPMG Economics

No 21-14, Economics Discussion / Working Papers from The University of Western Australia, Department of Economics

Abstract: This document describes the theory, data and parameters of a multi-sectoral model of the Australian economy. The model belongs to the computable general equilibrium (CGE) class of models; see Dixon and Jorgenson (2012) and Francois and Reinert (1997) for a broad survey of CGE models. The theory draws together special treatments for particular sectors of the Australian economy. These include the treatment of energy goods, tourism, public sector accounts and debt accumulation, and private sector debt and credit accumulation. The properties of the model are also consistent with the properties of dynamic macroeconomic models whereby the economy begins in a steady-state and moves along a balanced growth path to a new steady-state a experiencing a perturbation. Another novel feature of the model is the use of the latest data but also recently-estimated parameters in the area of import-domestic substitution and household demand.

Keywords: computable general equilibrium; multi-sector; economic growth (search for similar items in EconPapers)
Pages: 53
Date: 2021
Note: MD5 = 1f1fbd84ccb7cba82032d603961ab461
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Citations: View citations in EconPapers (2)

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