Computable General Equilibrium Modeling: Theory and Applications

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Kenneth Castellanos (Department of Economics, Georgia State University) Andrew Feltenstein

Computable General Equilibrium Modeling

Theory and Applications

Kenneth Castellanos (Department of Economics, Georgia State University), Andrew Feltenstein, Gohar Sedrakyan

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English

Routledge
08 September 2023

Macroeconomics; Microeconomics; Economic forecasting; International economics; Public finance accounting

Many books have been written on computable general equilibrium (CGE) modeling. However, there are certain important areas for economic policy that have been largely overlooked. This intermediate/advanced text presents the topic as a methodology for the analysis of macro and fiscal policies in modern economies while introducing levels of disaggregation that are beyond the scope of standard macro models.

The book begins by presenting the historical and intuitive background of general equilibrium analysis. Moving on, computer software is introduced to derive numerical solutions for economic models. The authors provide examples of code, bringing in data sources that have become the foundations of CGE applications. The methodology presented here, which differs from other CGE books, includes financial assets, government budget deficits, and debt financing of private investment. These topics are analyzed in the context of dynamic optimization, generating endogenous variables such as inflation, interest, and growth rates. The book also devotes significant attention to the applications of CGE models to developing economies.

This textbook comes with a range of downloadable supplements and will be a valuable resource for students taking a CGE course as part of a program in advanced microeconomics, macroeconomics, development economics, or international trade economics.

By: Kenneth Castellanos (Department of Economics Georgia State University), Andrew Feltenstein, Gohar Sedrakyan
Imprint: Routledge
Country of Publication: United Kingdom
Dimensions: Height: 234mm, Width: 156mm,
Weight: 267g
ISBN: 9780367272050
ISBN 10: 0367272059
Pages: 136
Publication Date: 08 September 2023
Audience: College/higher education , Professional and scholarly , Primary , Undergraduate
Format: Paperback
Publisher's Status: Active

1. Introduction 2. Applications 3. Fixed points 4. Fixed points, continued 5. The linear economy and Kakutani’s theorem 6. Linear production technologies 7. Numerical Solutions; Some Examples 8. Standard closed economy CGE model 9. Incorporating intermediate inputs 10. Trade, the Armington Approach 11. Taxes and the government 12. Social accounting matrices (SAM) and the construction of a CGE model 13. Dynamic CGE models with Financial Assets 14. Financial assets in the dynamic CGE model. (continued) 15. Monetization and the introduction of a central bank 16. CGE Models and their Application to Developing Countries: The Example of Tax Evasion and the Underground Economy

Kenneth Castellanos is Associate Analyst at the Congressional Budget Office, USA. Andrew Feltenstein is Professor of Economics, Emeritus, at Georgia State University, USA. Gohar Sedrakyan is Clinical Assistant Professor of Economics and Affiliated Scholar at Kennesaw State University, USA.

Reviews for Computable General Equilibrium Modeling: Theory and Applications

A very clearly written and self-contained guide to applying state-of-the-art computable general equilibrium models to key issues in modern macroeconomics. The applications to developing economies are particularly compelling, including how to incorporate the underground economy and financial repression. An important reference for students, researchers, and practitioners. Kenneth Rogoff, Maurits C. Boas Professor of Economics, Harvard University, https://scholar.harvard.edu/rogoff Computable General Equilibrium (CGE) modelling is an essential tool in economics. This book by a team led by one of the most eminent international scholars in CGE modelling will become the go-to for teaching this subject. Generally, students, researchers and practitioners will profit from the insights in this excellent volume. Jorge Martinez-Vazquez, Founding Director International Center for Public Policy, Georgia State University This book provides a detailed and useful introduction for students of economics to CGE models. The book extends their applications to include areas such as monetary theory, tax evasion, development Economics and others, areas that have become relevant in today's environment. Vito Tanzi, PhD, Honorary President, International Institute of Public Finance