Economic Analysis: Theory and Practice

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Theoretical framework for a set of equilibrium and input-output models development

Vol. 18, Iss. 3, MARCH 2019

Received: 14 November 2018

Received in revised form: 28 November 2018

Accepted: 11 January 2019

Available online: 29 March 2019


JEL Classification: B41, C02, C61, C68

Pages: 427–446

Toroptsev E.L. North-Caucasus Federal University (NCFU), Stavropol, Russian Federation

Marakhovskii A.S. Sole Proprietor, Stavropol, Russian Federation

Duszynski R.R. National Louis University, College of Arts and Sciences, Chicago, Illinois, USA

ORCID id: not available

Subject The article addresses the theoretical framework for developing a new class of models having advanced information and analytical capabilities that are based on equilibrium and input-output models.
Objectives We aim to determine theoretical and practical constraints of efficient use of equilibrium models to analyze the economic policy effectiveness, identify relevant components of the vector of the country’s economic prospects, substantiate the creation of a set of equilibrium and input-output models for an adequate analysis of the modern Russian economy.
Methods The study employs the tenets of neoclassical economics, the agent-based and equilibrium modeling, and the systems and input-output analysis.
Results We managed to combine the best qualities in the set that forms a new class of macroeconomic models. The integrated set has the emergence property and demonstrates a synergistic effect, whereas earlier these components competed with each other in order to ‘capture' the modeling market. The creation of the sets under consideration is logical, as rivals and competitors are worse than allies, and the components of the set have common variables, use input-output tables for digitization, rely on the principle of balance, and are computable.
Conclusions The equilibrium and input-output models are relatives in terms of the source of origin, and the former should not push aside the latter in the struggle for ‘leadership’ in the modeling market.

Keywords: structural stability, CGE model, Computable General Equilibrium model, input-output balance, aggregation


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