Economic Analysis: Theory and Practice
 

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Equilibrium and input-output modeling of economic environment

Vol. 18, Iss. 4, APRIL 2019

Received: 19 February 2019

Received in revised form: 7 March 2019

Accepted: 21 March 2019

Available online: 26 April 2019

Subject Heading: THEORY OF ECONOMIC ANALYSIS

JEL Classification: B41, C02, C61, C68

Pages: 663–680

https://doi.org/10.24891/ea.18.4.663

Toroptsev E.L. North Caucasian Federal University, Stavropol, Russian Federation
eltoroptsev@yandex.ru

https://orcid.org/0000-0002-4036-6002

Marakhovskii A.S. Sole Proprietor, Stavropol, Russian Federation
marahov@yandex.ru

https://orcid.org/0000-0003-2248-8425

Duszynski R.R. National Louis University, College of Arts and Sciences, Chicago, Illinois, USA
ramzia@aol.com

ORCID id: not available

Subject The article addresses the equilibrium and input-output models of economic environment.
Objectives The purpose of the study is to substantiate the rationale for development of a new class of macroeconomic models on the basis of integration of computable general equilibrium models and dynamic input-output models.
Methods The methodology rests on the fundamentals of the theory of neoclassical economics. The system analysis and the input-output analysis, differential equations and algebraic indices of system dynamics expanded the informational, analytical and predictive capabilities of the developed computing complex. The paper presents our ideas for creating the elements of in-house database of computational studies, which helps realize many provisions in the field of economic environment modeling.
Results We define necessary and sufficient conditions for maintaining the economic growth in Russia, present recommendations for accepting specific mathematical forms of production, utility and cost functions in the model. These functions are accepted in case of coincidence of gross output by type of economic activity in the calculations, using input-output and equilibrium models. The rationale for the use of equilibrium models rests on the preliminary analysis of structural factors of economic dynamics.
Conclusions We present a new class of computable equilibrium and input-output models. They enable to create a unified system to evaluate the effectiveness of structural policy decisions. Such a system is based on indicators of economy's own dynamic properties and operates along with computable equilibrium models.

Keywords: structural stability, CGE-model, input-output balance

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