Flexible Estimation and Inference within General Equilibrium Systems

CIES Working Paper No. 129

28 Pages Posted: 21 Dec 2001

See all articles by Joseph F. Francois

Joseph F. Francois

University of Bern - Department of Economics; Centre for Economic Policy Research (CEPR); Vienna Institute of International Economic Studies (WIIW); University of Adelaide - School of Economics

Date Written: June 2001

Abstract

This paper explores estimation of parameters within large general equilibrium models, given limited data availability and without calibration. This leads directly to consideration of possible measures of the robustness of the model vis-a-vis the historical record (as represented by available data series), and the use of specification tests for comparison and testing of different general-equilibrium based theoretic paradigms. Such an approach also offers an opportunity for assessment of general equilibrium effects (like the impact of trade on wages or on the location of industry) currently highlighted in the policy literature.

Keywords: wine, grapes, global wine modelling

JEL Classification: C53, F10, O30, Q13

Suggested Citation

Francois, Joseph F, Flexible Estimation and Inference within General Equilibrium Systems (June 2001). CIES Working Paper No. 129. Available at SSRN: https://ssrn.com/abstract=294576 or http://dx.doi.org/10.2139/ssrn.294576

Joseph F Francois (Contact Author)

University of Bern - Department of Economics ( email )

Schanzeneckstrasse 1
Bern, CH-3001
Switzerland

Centre for Economic Policy Research (CEPR)

London
United Kingdom

Vienna Institute of International Economic Studies (WIIW) ( email )

Oppolzergasse 6
A-1010 Vienna
Austria

University of Adelaide - School of Economics ( email )

Adelaide SA, 5005
Australia
+61 8 8303 5540 (Phone)
+61 8 8223 1460 (Fax)

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