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GTAP Resource #1107

"Solving an Intertemporal CGE Model Without an Intertemporal Database Using GEMPACK - The GTEM Way"
by Pant, Hom

Given a one-period standard general equilibrium non-steady state database, this paper provides a systematic description of the process for solving an intertemporal CGE model using GEMPACK without requiring an intertemporal database. To illustrate the process, a stylised neoclassical growth model of a small open economy with forward-looking expectations is developed and implemented with a hypothetical one-period temporary equilibrium (non-steady state) database, similar to databases used by static CGE models. One particularly attractive feature of this approach is that the Tablo input file via the update statements handles the calibration process and therefore there is no need to create an intertemporal database before the model is solved. The intertemporal model can be solved directly by using WinGEM or by using the RunDynam interface of the GEMPACK software as if one is simulating a static or a recursively dynamic model. It is hoped that this paper will dispel the daunting myth that GEMPACK needs an equilibrium intertemporal database in the first place to solve an intertemporal general equilibrium model. Once mastered, this approach can be applied to convert the Tablo code of any working static or recursively dynamic CGE model, such as GTAP, in a short time into the code of an intertemporal model that can be implemented in GEMPACK.

Key Words: GEMPACK, intertemporal CGE model, intertemporal database, neoclassical growth model

Resource Details (Export Citation) GTAP Keywords
Category: 2002 Conference Paper
Status: Published
By/In: Presented at the 5th Annual Conference on Global Economic Analysis, Taipei, Taiwan
Date: 2002
Version: 1.0
Created: Pant, H. (5/24/2002)
Updated: Bacou, M. (5/24/2002)
Visits: 1,931
- Dynamic modeling
- Calibration and parameter estimation

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