The aim of this book is to make more widely available a body of
recent research activity that has become known as applied general
equilibrium analysis. The central idea underlying this work is to
convert the Walrasian general equilibrium structure (formalized in
the 1950s by Kenneth Arrow, Gerard Debreu and others) from an
abstract representation of an economy into realistic models of
actual economies. Numerical, empirically based general equilibrium
models can then be used to evaluate concrete policy options by
specifying production and demand parameters and incorporating data
reflective of real economies. Shoven and Whalley describe all
aspects of developing applied general equilibrium models, including
developing an appropriate equilibrium structure, calibrating the
model, compiling counterfactual equilibria, and interpreting
results. The authors contend that the Walrasian general equilibrium
model provides an ideal framework for appraising the effects of
policy changes on resource allocation, assessing who gains and who
loses, and the policy impacts not well covered by empirical macro
models. The applications in the book illustrate a number of ways in
which fresh insights are provided in long standing policy
controversies.
General
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