The role of miniatures in computable general equilibrium modelling. Experience from ORANI

Peter B. Dixon, B. R. Parmenter, Alan A. Powell

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19 Citations (Scopus)

Abstract

ORANI is a large general equilibrium model of the Australian economy used by policy analysts and university research workers. This paper describes the role of miniature models in the development and application of ORANI. Miniature versions of ORANI have been useful in (a) explaining results; (b) detecting errors; (c) conducting sensitivity analyses; (d) experimenting with new specifications; and (e) teaching. The present paper concentrates mainly on (a) and (b). A miniature model is developed to explain ORANI results for the effects of increases in protection, reductions in the real costs of labour, increases in oil prices and increases in real aggregate demand.

Original languageEnglish
Pages (from-to)421-428
Number of pages8
JournalEconomic Modelling
Volume1
Issue number4
DOIs
Publication statusPublished - 1 Jan 1984
Externally publishedYes

Keywords

  • General equilibrium
  • Miniature models
  • ORANI

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