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Building Computable General Equilibrium Model Of Croatia

Author

Listed:
  • Ozana Nadoveza

    (Faculty of Economics and Business, University of Zagreb)

  • Marija Penava

    (Faculty of Economics and Business, University of Zagreb)

Abstract

In this paper we describe the structure of the computable general equilibrium (CGE) model and data that enables estimation of certain policy changes in Croatia. Namely, we build a 5-sector (households, firms, government, investors and foreigners) economy model while our economy is disaggregated on three highly aggregated sectors. Afterwards, we present Croatian data which enables us to simulate the model in Nadoveza, Sekur and Penava (upcoming). These data are seen as snapshot of established equilibrium in 2010 in Croatia and they represent the main input for the CGE models. Finally, we conduct the reality check of our calibrated parameters.

Suggested Citation

  • Ozana Nadoveza & Marija Penava, 2016. "Building Computable General Equilibrium Model Of Croatia," EFZG Working Papers Series 1605, Faculty of Economics and Business, University of Zagreb.
    • Handle: RePEc:zag:wpaper:1605
    as

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    File URL: http://web.efzg.hr/repec/pdf/Clanak%2016-05.pdf
    File Function: First version, 2016
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    References listed on IDEAS

    as
    1. Burfisher,Mary E., 2011. "Introduction to Computable General Equilibrium Models," Cambridge Books, Cambridge University Press, number 9780521766968, December.
    2. Irma Adelman & Jasminka Sohinger, 2000. "Analysing Economic Systems Using Computable General Equilibrium Models: The Example of Croatia," Zagreb International Review of Economics and Business, Faculty of Economics and Business, University of Zagreb, vol. 3(2), pages 63-79, November.
    3. Jakub Boratyński & Jakub Borowski, 2012. "The long-term economic impact of the flat tax in Poland. CGE simulation under alternative assumptions," Bank i Kredyt, Narodowy Bank Polski, vol. 43(3), pages 5-30.
    4. Burfisher,Mary E., 2011. "Introduction to Computable General Equilibrium Models," Cambridge Books, Cambridge University Press, number 9780521139779, December.
    5. Fritz Breuss & Jean Tesche, 1991. "A CGE Model for Austria. Some Implications of Trade Liberalization," WIFO Working Papers 41, WIFO.
    6. Carneiro, Francisco Galrao & Arbache, Jorge Saba, 2003. "The Impacts of Trade on the Brazilian Labor Market: A CGE Model Approach," World Development, Elsevier, vol. 31(9), pages 1581-1595, September.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Ozana Nadoveza Tomislav Sekur Marija Beg, 2016. "General Equilibrium Effects of Lower Labor Tax Burden in Croatia," Zagreb International Review of Economics and Business, Faculty of Economics and Business, University of Zagreb, vol. 19(SCI), pages 1-13, December.
    2. Milan Deskar-Škrbiæ, 2018. "Dynamic effects of fiscal policy in Croatia: confronting New-Keynesian SOE theory with empirics," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics and Business, vol. 36(1), pages 83-102.

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    More about this item

    Keywords

    Computable general equilibrium model; small open economy; social accounting matrix; Croatia;
    All these keywords.

    JEL classification:

    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models

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