Frontiers in Applied General Equilibrium Modeling : In Honor of Herbert Scarf

by Timothy J. Kehoe; T. N. Srinivasan; John Whalley

• ISBN13: 9780511108761
• ISBN10: 0511108761
• Format: Nonspecific Binding
• Copyright: 2005-01-17
• Publisher: Cambridge University Press

Summary

This 2005 volume brings together twelve papers by many of the most prominent applied general equilibrium modelers honoring Herbert Scarf, the father of equilibrium computation in economics. It deals with developments in applied general equilibrium, a field which has broadened greatly since the 1980s. The contributors discuss some traditional as well as some modern topics in the field, including non-convexities in economy-wide models, tax policy, developmental modeling and energy modeling. The book also covers a range of distinct approaches, conceptual issues and computational algorithms, such as calibration and areas of application such as macroeconomics of real business cycles and finance. An introductory chapter written by the editors maps out issues and scenarios for the future evolution of applied general equilibrium.

Table of Contents

List of contributors

Acknowledgements

Introduction

General Equilibrium Theory

Personal reflections on applied general equilibrium models

Uniqueness of equilibrium in the multi-country Ricardo model

Computational Methods

Solving dynamic stochastic competitive general equilibrium models

Mathematical programs with equilibrium constraints: automatic reformulation and solution via constrained optimization

Macroeconomics and Finance

Nonconvexities in quantitative general equilibrium studies of business cycles

Lotteries for consumers versus lotteries for firms

Default and aggregate fluctuations in storage economies

New applications of general equilibrium to finance: default and collateral

Public Finance, Development and Climate Change

Efficient taxation of income

Representative versus real households in the macroeconomic modeling of inequality

General equilibrium modeling for global climate change

General Equilibrium Restrictions and Estimation of Hedonic Models

Simulation and estimation of hedonic models

Policy Uses and Performance of AGE Models

An evaluation of the performance of applied general equilibrium models of the impact of NAFTA

Decompositional analysis using numerical equilibrium models: illustrations from trade literature

The influence of computable general equilibrium models on policy

Index

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