Capros P., P. Karadeloglou, G. Mentzas (1989) "An Empirical Assessment of Macroeconometric and CGE Approaches in Policy Modelling", Journal of Policy Modelling, Fall 1990
The macroeconometric (ME) and computable general equilibrium (CGE) models can be considered the cornerstones of the spectrum of quantitative models used today for macroeconomic policy analysis. In the paper we design two small-scale models (a ME and a CGE one) in a manner that they are representative of their large-scale counterparts, estimate them on a common data base, and attempt a systematic comparative assessment of their simulation properties. In the paper we suggest various possibilities for use in policy analysis, which explore and combine the results of both models.
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"An empirical assessment of macroeconometric and CGE approaches in policy modeling"
