Article
An Evaluation of the Performance of an Applied General Equilibrium Model of the Spanish Economy
Economic Theory
(1995)
Abstract
This paper compares the results obtained with an applied general equilibrium model to recently published data for 1985–87; we find that the model performed well in predicting the changes in relative prices and resource allocation that actually occurred, particularly if we incorporate exogenous shocks that affected the Spanish economy in 1986. We also analyze the sensitivity of the results to alternative specifications of the labor market and macroeconomic closure rules; we find that the central results are robust.
Disciplines
Publication Date
1995
Citation Information
Timothy Kehoe, Clemente Polo and Ferran Sancho. "An Evaluation of the Performance of an Applied General Equilibrium Model of the Spanish Economy" Economic Theory Vol. 6 Iss. 1 (1995) Available at: http://works.bepress.com/ferran_sancho/21/