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The Policy Uses of a Computational General Equilibrium Algorithm

By Shoven, John B.

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Book Id: WPLBN0000696674
Format Type: PDF eBook
File Size: 845.01 KB.
Reproduction Date: 2005
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Title: The Policy Uses of a Computational General Equilibrium Algorithm  
Author: Shoven, John B.
Language: English
Subject: Government publications, Economics., United States. Department of the Treasury--Appropriations and Expenditures.
Collections: U.S. Department of the Treasury Collection
Publication Date:
Publisher: United States Department of the Treasury


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Shoven, J. B. (n.d.). The Policy Uses of a Computational General Equilibrium Algorithm. Retrieved from

Government Reference Publication

Introduction: Economists have long recognized the conceptual superiority of general equilibrium models over partial equilibrium analysis. However, this consensus has not been matched with widespread application of the general equilibrium approach. Many empiricists have felt that the theoretical beauty of the general equilibrium approach was matched only by its empirical uselessness. However, this position is no longer valid. The problem of solving relatively large scale general equilibrium systems has been mitigated within the past six to eight years. In fact, most of the computational techniques described in this paper converge to a solution which is an approximate competitive equilibrium. Because of this, and due to an increasing awareness of the inadequacies of highly aggregate or partial equilibrium studies for evaluating some important policy proposals, the practical utility of general equilibrium analysis needs to be reassessed. Therefore, this paper will briefly describe the current general eq...

Table of Contents
Table of Contents Paae I. Introduction .................... 1 11. The Algorithm and Extensions. ........... 2 A. Modifications and Additions to the Algorithm ................. 2 (1) Continuous Production Functions ...... 2 (2) Government and Taxes ............ 3 (3) Multiple Governments and Tax Systems. ... 3 (4) Equal Yield Tax Replacements. ....... 3 (5) Calibrating and Parameterizing Model. ... 4 (6) Newton-Type Termination Routines ...... 4 B. A Description of the Results. ......... 5 111. Advantages of the General Equilibrium Algorithm . . 6 IV. Applications of the Scarf-Shoven-Whalley Approach . 8 V. Potential Future Applications ........... 12 VI. Conclusion. .................... 16


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