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Policy Analysis Using a Computable General Equilibrium Model: A Review of Experience at the IMPACT Project
Author(s) -
Parmenter B. R.,
Meagher G. A.
Publication year - 1985
Publication title -
australian economic review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.308
H-Index - 29
eISSN - 1467-8462
pISSN - 0004-9018
DOI - 10.1111/j.1467-8462.1985.tb00475.x
Subject(s) - computable general equilibrium , counterfactual thinking , policy analysis , schematic , management science , macroeconomics , general equilibrium theory , economics , operations research , computer science , taxonomy (biology) , econometrics , mathematical economics , political science , engineering , public administration , epistemology , philosophy , electronic engineering , botany , biology
Originally presented at the Fourth International Symposium on Forecasting, London, July 1984, this article reviews the role in policy analysis of the ORANI model of the Australian economy. A schematic description of the model is given. Conceptual issues concerning the use of such models for counterfactual policy analysis and for explicit forecasting are canvassed. A taxonomy is presented of policy applications of ORANI classifying both the policy issues addressed and the range of information obtained from the applications. Details of selected applications are discussed with the aim of illustrating the main themes which arise in policy studies conducted using the model.