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Macroemesures in Computable General Equilibrium Models: A Probabilistic Treatment with an Application to Morocco

Author

Listed:
  • Touhami, A.
  • Martens, A.

Abstract

With the help of an illustrative general equilibrium (CGE) model of the Moroccan Economy, we test for the significance of simulation results in the case where the exact macromesure is not known with certainty. This is done by computing lower and upper bounds for the simulation resukts, given a priori probabilities attached to three possible closures (Classical, Johansen, Keynesian). Our Conclusion is that, when there is uncertainty on closures several endogenous changes lack significance, which, in turn, limit the use of the model for policy prescriptions.

Suggested Citation

  • Touhami, A. & Martens, A., 1996. "Macroemesures in Computable General Equilibrium Models: A Probabilistic Treatment with an Application to Morocco," Cahiers de recherche 9621, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
    • Handle: RePEc:mtl:montec:9621
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    More about this item

    Keywords

    ECONOMIC MODELS; ECONOMIC EQUILIBRIUM;

    JEL classification:

    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • D57 - Microeconomics - - General Equilibrium and Disequilibrium - - - Input-Output Tables and Analysis
    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models

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