GTAP Resources: Resource Display
| GTAP Resource #7475 |
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"Towards consistent and calibratable capital stock accumulation in multi-annual step recursive dynamics" by Cui, Hao David, Zuzana Smeets Kristkova, Bartlomiej Rokicki and Antti Simola Abstract Depending on the underlying capital stock accumulation mechanism, recursively dynamic general equilibrium models running in multi-annual steps may have consistency issues in capital stock accumulation, reflected through the consistency with benchmark annual steps, the consistency between capital stock accumulation and wealth accumulation, and the consistency under different model closures. In this paper we introduce novel linearized equations for capital and wealth accumulation that leads to smooth non-linear investment growth within each multi-annual period. It is shown that these new mechanisms can offer overall improved consistency and more flexibility for capital stock calibration. We conduct simplified CGE baseline experiments to shed light on the superiority of these new mechanisms as compared to other accumulation mechanisms and add sensitivity analyses to gain insights into the ballpark of these mechanisms. |
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- Advances in quantitative methods - Dynamic modeling |
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Public Access  Paper (323.6 KB) Replicated: 0 time(s)Restricted Access No documents have been attached. Special Instructions No instructions have been specified. |
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Last Modified: 9/15/2023 2:05:45 PM
