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The structural equilibrium model is a matrix-form computable general equilibrium model in new structural economics. [30] [31] This model is an extension of the John von Neumann's general equilibrium model (see Computable general equilibrium for details). Its computation can be performed using the R package GE.
Computable general equilibrium (CGE) models are a class of economic models that use actual economic data to estimate how an economy might react to changes in policy, technology or other external factors. CGE models are also referred to as AGE (applied general equilibrium) models. A CGE model consists of equations describing model variables and ...
Robert Solow interprets the theorem as showing that, for modelling macroeconomic growth, the dynamic stochastic general equilibrium is no more microfounded than simpler models such as the Solow–Swan model. As long as a macroeconomic growth model assumes an excess demand function satisfying continuity, homogeneity, and Walras's law, it can be ...
In mathematical economics, the Arrow–Debreu model is a theoretical general equilibrium model. It posits that under certain economic assumptions ( convex preferences , perfect competition , and demand independence), there must be a set of prices such that aggregate supplies will equal aggregate demands for every commodity in the economy.
Dynamic stochastic general equilibrium modeling (abbreviated as DSGE, or DGE, or sometimes SDGE) is a macroeconomic method which is often employed by monetary and fiscal authorities for policy analysis, explaining historical time-series data, as well as future forecasting purposes. [1]
GEMPACK (General Equilibrium Modelling PACKage) is a modeling system for CGE economic models, used at the Centre of Policy Studies (CoPS) in Melbourne, Australia, and sold to other CGE modellers. Some of the more well-known CGE models solved using GEMPACK [ 1 ] are the GTAP model of world trade, and the MONASH, MMRF, ORANI -G and TERM models ...
In mathematical economics, applied general equilibrium (AGE) models were pioneered by Herbert Scarf at Yale University in 1967, in two papers, and a follow-up book with Terje Hansen in 1973, with the aim of empirically estimating the Arrow–Debreu model of general equilibrium theory with empirical data, to provide "“a general method for the explicit numerical solution of the neoclassical ...
Truman Fassett Bewley (born July 19, 1941) is an American economist. He is the Alfred Cowles Professor of Economics at Yale University. [1] Originally specializing in mathematical economics and general equilibrium theory, since the late 1990s Bewley has gained renown for his work on sticky wages. [2]