The econometric critique of computable general equilibrium modeling: the role of functional forms
The econometric critique of computable general equilibrium modeling: the role of functional forms
复制标题
可计算一般均衡模型的计量经济学批判：函数形式的作用
DOI：
10.1016/s0264-9993(98)00028-5
复制
发表时间：
1998
影响因子：
4.7
通讯作者：
R. McKitrick
中科院分区：
文献类型：
--
作者：
R. McKitrick
可计算一般均衡（CGE）模型是应用经济学中最具影响力的工具之一。然而，一些严重的问题已经提出了这些模型的实证有效性。批评的核心是，参数选择标准是不健全的，使用一阶（CES类）的功能形式施加了有影响力的限制模型的结构。对标准CGE建模的情况下，提出了一个正式的总结，是一个替代计量经济学为基础的建模策略，回答了批评。然后，我们提出了一个比较CGE建模实验，旨在评估功能形式的作用。结果发现，功能形式的选择不仅影响特定行业的结果，但总的结果，以及，即使是小的政策冲击。
Computable general equilibrium (CGE) models are among the most influential tools in applied economics. However, some serious questions have been raised about the empirical validity of these models. The core of the critique is that the parameter selection criteria are unsound and the use of first-order (CES class) functional forms imposes influential restrictions on the model's structure. A formal summary of the case against standard CGE modeling is presented, as is an alternative econometric-based modeling strategy which answers the critique. We then present a comparative CGE modeling experiment designed to assess the role of function forms. It is found that choice of functional forms affects not only industry-specific results, but aggregate results as well, even for small policy shocks.