We document the empirical fact that asset prices in the consumption-goods and investment-goods sector behave almost identically in the US economy. In order to derive the cyclical behavior of the equity returns in these two sectors, we onsider a standard two-sector real-business cycle model with...

A dynamic energy-economic CGE model is used to analyse how sensitive simulation results are to alternative values assumed by several types of elasticity of substitution. Substitutability in the energy mix is analysed by taking into account the nest structure of the CGE model in the energy...

The purpose of this paper is to create a financial fragility model for the Czech financial sector. We adapt the Goodhart-Tsomocos model which is based on general equilibrium with incomplete markets, money and default. The calibration of the model is based on publicly available data from the...

This paper documents a Vietnam Social Accounting Matrix (SAM) for the year 2007. The national SAM is based on newly estimated supply-use tables, national accounts, state budgets, and balance of payments. The SAM reconciles these data using cross-entropy estimation techniques. The final SAM is a...

This paper investigates the possible economic effects of free trade agreement (FTA), implying a mutual zero import tariffs in the trade between the Customs Union and the EU. Analysis of the effects is made using CGE Globe v1 model. We estimate the impact of FTA on the economies, both at the...

The buildup in government debt in response to the “great recession,” has raised a number of policy dilemmas for individual countries as well as the world as a whole. The recent need for a change of fiscal policy stance has fuelled debates about the impact of fiscal consolidation on domestic...

As Chinese economy system has been depended more on the import of petroleum with the development of China, the change in the price of international oil have caused concern among economists and policy makers. This paper is to present a financial Computable General Equilibrium (CGE) model of the...

Applied general equilibrium models have become a standard tool for the analysis of structural policies in many countries and international research organisations. Their use has been prompted by both developments in economics, but also on the growing need for quantitative policy analysis. The...

In this study we use the dynamic version of the GTAP model to analyse the effects of global trade policy changes and their interaction with different global climate policy regimes from Finland?s point of view, and in particular, implications for Finnish export sectors. Scenarios explore further...