General-purpose software for intertemporal economic models

George Codsi, K. R. Pearson, Peter J. Wilcoxen

Research output: Contribution to journalArticle

12 Scopus citations

Abstract

Intertemporal modelling is becoming increasingly important in general equilibrium policy analysis. Issues such as natural resource management, pollution control, investment, the promotion of technical change, and the accumulation of foreign debt all involve explicit intertemporal behavior and thus require intertemporal models to address adequately. Applied researchers have been slow to adopt the intertemporal paradigm because it can impose formidable computational requirements. In this paper we address this problem by presenting flexible, efficient new software which can solve complex intertemporal models in a fraction of the time required by conventional approaches. Our intertemporal software is an extension of GEMPACK, a suite of general-purpose computer programs developed to streamline the implementation and solution of a wide class of applied partial or general equilibrium models. This paper describes GEMPACK's new intertemporal modelling capabilities which make it straightforward for modellers to implement and solve their models. Because GEMPACK operates on models written in a syntax similar to ordinary algebra, it is easy for researchers to revise their models whenever necessary. In summary, this new software removes the computational impediments to intertemporal modelling, thereby allowing modellers to concentrate on the economics of their models.

Original languageEnglish (US)
Pages (from-to)57-79
Number of pages23
JournalComputer Science in Economics and Management
Volume5
Issue number1
DOIs
StatePublished - Feb 1 1992
Externally publishedYes

Keywords

  • Applied economic modelling
  • dynamic models
  • intertemporal models
  • software

ASJC Scopus subject areas

  • Economics, Econometrics and Finance (miscellaneous)

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