An intertemporal CGE model for Austria : model structure and calibration

45 S.

The last decade has witnessed the emergence of a neoclassical, microeconomic theory of current account adjustment focusing on intertemporal optimization. More recently, researchers have started to incorporate such an intertemporal framework into large scale simulation models geared towards numerical policy analysis. This paper presents the results of our efforts to construct such a simulation model and calibrate it to Austrian data. The paper is restricted to a presentation of the model structure as well as the method and results of its calibration. It does not contain any simulation results. Notwithstanding future improvements on the model structure as well as the available data, the paper should serve as a convenient source of reference for subsequent work. It is to be hoped that the omission of some of the details presented here will make future reports somewhat easier to digest.

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hdl:10419/101494 [Handle]

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