In the section Surveys
Title of the article Empirical Models of General Economic Equilibrium
Pages 138-167
Author 1 Dmitriy Aleksandrovich Izotov
Candidate Economics, Senior Research Fellow.
Economic Research Institute FEB RAS
153 Tikhookeanskaya Street, Khabarovsk, Russia, 680042
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Abstract The article considers possibilities and limitations of empirical models of general economic equilibrium and gives their classification. The author divides computable models of general economic equilibrium into two groups: the first one is based on a model of equilibrium prices (G. Scarf’s approach) and the second one - on a multisectorial model of economic growth (L. Johansen’s approach). The researcher also divides models of dynamic stochastic general equilibrium into two groups: the first one is based on a model of the real business cycle (F. Kydland and E. Prescott’s approach) and the second one - on a model of different behavior of firms under monopolistic competition (J. Rotemberg and M. Woodford’s approach). Within each group the study demarcates empirical models with the help of following criteria: an economy’s scale and its openness; application to current and future assessments; analyzed socio-economic phenomenon.
Code 330.36.01
DOI 10.14530/se.2014.3.138-167
Keywords ♦ classification ♦ general economic equilibrium ♦ applied model of general equilibrium ♦ computable model of general equilibrium ♦ model of dynamic stochastic general equilibrium ♦ Bayesian approach ♦ external shock
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For citation Izotov D.A. Empirical Models of General Economic Equilibrium. Prostranstvennaya Ekonomika = Spatial Economics, 2014, no. 3, pp. 138-167. DOI: 10.14530/se.2014.3.138-167. (In Russian).
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