Social accounting matrices and applied general equilibrium models
By: Timothy J. Kehoe.
Contributors: Federal Reserve Bank of Minneapolis. Research Dept.
Series: Working paper / Federal Reserve Bank of Minneapolis, Research Dept. ;; 563; Working paper (Federal Reserve Bank of Minneapolis : Online) ;; 563.
Publisher: Federal Reserve Bank of Minneapolis
Published: 1996
Place of publication: [Minneapolis, Minn.]
Language: eng
Format: Electronic resource
Subjects: Social accounting -- Mathematical models.; Equilibrium (Economics) -- Mathematical models.; Spain -- Economic conditions -- 1975-
Description: "To illustrate the use of social accounting matrices (SAMs) in applied general equilibrium (GE) modeling, we use an aggregated SAM for the Spanish economy to calibrate a simple applied GE model.  The idea is to construct artificial people--households, government, and a foreign sector--who make the same transactions in the equilibrium of the model economy as do their counterparts in the data.  This calibration procedure can be augmented, or partially substituted for, by statistical estimation of key parameters.  We show the usefulness of such a model by presenting the results of a comparative exercise that mimics the policy changes that took place in Spain during its 1986 integration into the European Community.  Sub-sequent data shows the model results to be remarkably accurate, especially if we account for other major shocks affected the Spanish economy in 1986"--Federal Reserve Bank of Minneapolis web site.
Notes: Includes bibliographical references.
Title from abstract page as viewed on 1/4/2005.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.