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Frontiers in Applied General Equilibrium Modeling
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  • Page extent: 450 pages
  • Size: 228 x 152 mm
  • Weight: 0.83 kg

Library of Congress

  • Dewey number: 339.5/01/5195
  • Dewey version: 22
  • LC Classification: HB145 .F76 2005
  • LC Subject headings:
    • Equilibrium (Economics)--Mathematical models

Library of Congress Record

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 (ISBN-13: 9780521825252 | ISBN-10: 0521825253)

DOI: 10.2277/0521825253

Manufactured on demand: supplied direct from the printer

 (Stock level updated: 12:22 GMT, 26 November 2015)


This 2005 volume brings together twelve papers by many of the most prominent applied general equilibrium modelers honoring Herbert Scarf, the father of equilibrium computation in economics. It deals with developments in applied general equilibrium, a field which has broadened greatly since the 1980s. The contributors discuss some traditional as well as some modern topics in the field, including non-convexities in economy-wide models, tax policy, developmental modeling and energy modeling. The book also covers a range of distinct approaches, conceptual issues and computational algorithms, such as calibration and areas of application such as macroeconomics of real business cycles and finance. An introductory chapter written by the editors maps out issues and scenarios for the future evolution of applied general equilibrium.

• Contains papers from leading applied general equilibrium modelers, including two Nobel Prize winners • Covers a broad range of topics in the field of applied general equilibrium • Details some of the distinct developments, both in methods and approaches and in the areas of application


List of contributors; Acknowledgements; Introduction Timothy J. Kehoe, T. N. Srinivasan and John Whalley; Part I. General Equilibrium Theory: 1. Personal reflections on applied general equilibrium models Kenneth J. Arrow; 2. Uniqueness of equilibrium in the multi-country Ricardo model Herbert Scarf and Charles A. Wilson; Part II. Computational Methods: 3. Solving dynamic stochastic competitive general equilibrium models Kenneth L. Judd; 4. Mathematical programs with equilibrium constraints: automatic reformulation and solution via constrained optimization Michael C. Ferris, Steven P. Dirske and Alexander Meeraus; Part III. Macroeconomics and Finance: 5. Nonconvexities in quantitative general equilibrium studies of business cycles Edward C. Prescott; 6. Lotteries for consumers versus lotteries for firms Lard Ljungqvist and Thomas J. Sargent; 7. Default and aggregate fluctuations in storage economies Makoto Nakajima and José Víctor Ríos-Rull; 8. New applications of general equilibrium to finance: default and collateral Aloisio Araujo and Mário Páscoa; Part IV. Public Finance, Development and Climate Change: 9. Efficient taxation of income Dale W. Jorgenson and Kun-Young Yun; 10. Representative versus real households in the macroeconomic modeling of inequality François Bourguignon, Anne-Sophie Robilliard and Sherman Robinson; 11. General equilibrium modeling for global climate change Alan S. Manne; Part V. General Equilibrium Restrictions and Estimation of Hedonic Models: 12. Simulation and estimation of hedonic models James Heckman, Rosa Matzkin and Lars Nesheim; Part VI. Policy Uses and Performance of AGE Models: 13. An evaluation of the performance of applied general equilibrium models of the impact of NAFTA Timothy J. Kehoe; 14. Decompositional analysis using numerical equilibrium models: illustrations from trade literature Lisandro Abrego and John Whalley; 15. The influence of computable general equilibrium models on policy Shantayanan Devarajan and Sherman Robinson; Index.


Review of the hardback: 'The list of contributors to this book is impressive (including the two Nobel prize winners Arrow and Heckman) and the range of topics is broad … The title of the book covers its content very well: the book is clearly aimed at readers interested in the frontiers of applied research in the field of general equilibrium models.' De Economist


Timothy J. Kehoe, T. N. Srinivasan, John Whalley, Kenneth J. Arrow, Herbert Scarf, Charles A. Wilson, Kenneth L. Judd, Michael C. Ferris, Steven P. Dirske, Alexander Meeraus, Edward C. Prescott, Lard Ljungqvist, Thomas J. Sargent, Makoto Nakajima, José Víctor Ríos-Rull, Aloisio Araujo, Mário Páscoa, Dale W. Jorgenson, Kun-Young Yun, François Bourguignon, Anne-Sophie Robilliard, Sherman Robinson, Alan S. Manne, James Heckman, Rosa Matzkin, Lars Nesheim, Timothy J. Kehoe, Lisandro Abrego, John Whalley, Shatayanan Devarajan, Sherman Robinson

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