Long run concepts in New Zealand macroeconometric and CGE models
Keywords:long run concepts, New Zealand macroeconometric and CGE models, steady state growth, unit roots and cointegration, debt sustainability, RBNZ Model XII, RPEP
AbstractThis paper evaluates how published economy-wide New Zealand models have treated concepts relevant to the long run. These concepts, a number of which have only indirect linkages to the long run, include steady state growth, rational expectations, unit roots and cointegration, domestic and external debt sustainability (including intertemporal fiscal and foreign sector constraints), explicit supply (including physical capital accumulation), the interfacing of macroeconometric and computable general equilibrium (CGE) models, and the interfacing of New Zealand and Australian CGE models. It builds on the comprehensive medium term oriented assessment of Wells and Easton (1983, 1986), and focuses primarily on RBNZ Model XII (Brooks and McDermott, 1990, Brooks and Gibbs, 1991), and the CGE models JOANNA, JULIANNE and JOANI (Philpott, 1989).
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How to Cite
Hall, V. (1991). Long run concepts in New Zealand macroeconometric and CGE models. School of Management Working Papers, 1–26. Retrieved from https://ojs.victoria.ac.nz/somwp/article/view/7164