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Micro Data and General Equilibrium Models.

Abstract:

Dynamic general equilibrium models are required to evaluate policies applied at the national level. To use these models to make quantitative forecasts requires knowledge of an extensive array of parameter values for the economy at large. This essay describes the parameters required for different economic models, assesses the discordance between the macromodels used in policy evaluation and the microeconomic models used to generate the empirical evidence. For concreteness, we focus on two gene...

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Publisher:
Elsevier
Host title:
Handbook of Macroeconomics
Pages:
543 - 633
Place of publication:
Amsterdam
Publication date:
1999-01-01
DOI:
ISBN:
0-444-50156-8
Language:
English
UUID:
uuid:c9c69cbe-4876-4479-95fc-1b8cdd6c03aa
Local pid:
oai:economics.ouls.ox.ac.uk:14770
Deposit date:
2011-08-16

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