Publication:
Estimating Parameters and Structural Change in CGE Models Using a Bayesian Cross-Entropy Estimation Approach

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dc.contributor.authorLofgren, Hans
dc.contributor.authorGo, Delfin S.
dc.contributor.authorMendez Ramos, Fabian
dc.contributor.authorRobinson, Sherman
dc.date.accessioned2015-02-03T16:15:27Z
dc.date.available2015-02-03T16:15:27Z
dc.date.issued2015-01
dc.description.abstractThis paper uses a three-step Bayesian cross-entropy estimation approach in an environment of noisy and scarce data to estimate behavioral parameters for a computable general equilibrium model. The estimation also measures how labor-augmenting productivity and other structural parameters in the model may have shifted over time to contribute to the generation of historically observed changes in the economic arrangement. In this approach, the parameters in a computable general equilibrium model are treated as fixed but unobserved, represented as prior mean values with prior error mass functions. Estimation of the parameters involves using an information-theoretic Bayesian approach to exploit additional information in the form of new data from a series of social accounting matrices, which are assumed were measured with error. The estimation procedure is "efficient" in the sense that it uses all available information and makes no assumptions about unavailable information. As illustration, the methodology is applied to estimate the parameters of a computable general equilibrium model using alternative data sets for the Republic of Korea and Sub-Saharan Africa.en
dc.identifierhttp://documents.worldbank.org/curated/en/2015/01/23855951/estimating-parameters-structural-change-cge-models-using-bayesian-cross-entropy-estimation-approach
dc.identifier.doi10.1596/1813-9450-7174
dc.identifier.urihttps://hdl.handle.net/10986/21391
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank Group, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 7174
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectADVANCED COUNTRIES
dc.subjectAGRICULTURE
dc.subjectARRANGEMENT
dc.subjectBASE YEAR
dc.subjectCAPITAL-LABOR RATIO
dc.subjectCOAUTHORS
dc.subjectCOMMODITIES
dc.subjectCOMPETITIVENESS
dc.subjectCONSTANT ELASTICITY
dc.subjectCONSTANT PRICES
dc.subjectCONSTANT RETURNS
dc.subjectCONSTANT RETURNS TO SCALE
dc.subjectCURRENCY
dc.subjectDATA ELEMENTS
dc.subjectDATA SET
dc.subjectDATA SETS
dc.subjectDESCRIPTION
dc.subjectDEVELOPED COUNTRIES
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPING COUNTRY
dc.subjectDEVELOPMENT ECONOMICS
dc.subjectDEVELOPMENT POLICY
dc.subjectDISTRIBUTION PARAMETER
dc.subjectDOMAIN
dc.subjectDYNAMIC BEHAVIOR
dc.subjectECONOMETRICS
dc.subjectECONOMIC EFFICIENCY
dc.subjectECONOMIC POLICY
dc.subjectECONOMIC REVIEW
dc.subjectECONOMIC STRUCTURE
dc.subjectECONOMIC STRUCTURES
dc.subjectECONOMIC SYSTEMS
dc.subjectECONOMIC THEORY
dc.subjectECONOMIC TRANSFORMATION
dc.subjectELASTICITY
dc.subjectELASTICITY OF SUBSTITUTION
dc.subjectEMPIRICAL ESTIMATION
dc.subjectENDOGENOUS VARIABLES
dc.subjectEQUATIONS
dc.subjectEQUILIBRIUM
dc.subjectEQUILIBRIUM DYNAMICS
dc.subjectEQUILIBRIUM THEORY
dc.subjectEXOGENOUS VARIABLES
dc.subjectEXPECTED VALUE
dc.subjectEXPECTED VALUES
dc.subjectEXPORTS
dc.subjectEXTERNAL SHOCKS
dc.subjectFACTOR COMPONENTS
dc.subjectFEDERAL RESERVE
dc.subjectFEDERAL RESERVE BANK
dc.subjectFOREIGN TRADE
dc.subjectFUNCTIONAL FORM
dc.subjectFUTURE RESEARCH
dc.subjectGDP
dc.subjectGDP DEFLATOR
dc.subjectGENERAL EQUILIBRIUM MODEL
dc.subjectGLOBALIZATION
dc.subjectGROWTH EPISODES
dc.subjectGROWTH RATE
dc.subjectGROWTH RATES
dc.subjectHISTORICAL DATA
dc.subjectINCOMES
dc.subjectINDEXES
dc.subjectINDICES
dc.subjectINDUSTRIALIZATION
dc.subjectINEQUALITY
dc.subjectINFORMATION PROCESSING
dc.subjectINFORMATION TECHNOLOGY
dc.subjectINNOVATION
dc.subjectMACROECONOMIC ANALYSIS
dc.subjectMACROECONOMICS
dc.subjectMANUFACTURING
dc.subjectMANUSCRIPT
dc.subjectMEAN VALUE
dc.subjectMEASUREMENT ERROR
dc.subjectMODEL ESTIMATION
dc.subjectNATIONAL INCOME
dc.subjectNATIONAL OUTPUT
dc.subjectNORMAL DISTRIBUTION
dc.subjectNOTATION
dc.subjectNOTATIONS
dc.subjectOBSERVED CHANGES
dc.subjectOPEN ACCESS
dc.subjectOPEN ECONOMY
dc.subjectOPTIMIZATION
dc.subjectOUTPUTS
dc.subjectPOLICY DISCUSSIONS
dc.subjectPOLICY FORMULATION
dc.subjectPOLICY RESEARCH
dc.subjectPRICE CHANGES
dc.subjectPRICE SERIES
dc.subjectPROBABILITIES
dc.subjectPROBABILITY
dc.subjectPRODUCT DIFFERENTIATION
dc.subjectPRODUCTION FUNCTIONS
dc.subjectPRODUCTION STRUCTURE
dc.subjectPRODUCTIVITY
dc.subjectPRODUCTIVITY GROWTH
dc.subjectPROTOTYPE
dc.subjectREGIONAL ACCOUNTS
dc.subjectREGIONAL LEVEL
dc.subjectRELATIVE PRICES
dc.subjectRELIABILITY
dc.subjectRESULT
dc.subjectRESULTS
dc.subjectSAVINGS
dc.subjectSERIES DATA
dc.subjectSMALL ECONOMIES
dc.subjectSTATISTICAL ANALYSIS
dc.subjectSTRUCTURAL CHANGE
dc.subjectTARGETS
dc.subjectTAX
dc.subjectTAX RATES
dc.subjectTECHNOLOGICAL CHANGE
dc.subjectTOTAL FACTOR PRODUCTIVITY
dc.subjectTRADE STRUCTURE
dc.subjectTRANSACTION
dc.subjectUSES
dc.subjectVALUE ADDED
dc.subjectVALUE ADDED SERVICES
dc.subjectWEB
dc.subjectWORLD DEVELOPMENT INDICATORS
dc.titleEstimating Parameters and Structural Change in CGE Models Using a Bayesian Cross-Entropy Estimation Approachen
dspace.entity.typePublication
okr.crossref.titleEstimating Parameters and Structural Change in CGE Models Using a Bayesian Cross-Entropy Estimation Approach
okr.date.disclosure2014-01-15
okr.date.doiregistration2025-04-10T10:28:53.489469Z
okr.doctypePublications & Research
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://documents.worldbank.org/curated/en/2015/01/23855951/estimating-parameters-structural-change-cge-models-using-bayesian-cross-entropy-estimation-approach
okr.globalpracticeMacroeconomics and Fiscal Management
okr.guid601871468044673155
okr.identifier.doi10.1596/1813-9450-7174
okr.identifier.externaldocumentum000158349_20150122100417
okr.identifier.internaldocumentum23855951
okr.identifier.reportWPS7174
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2015/01/22/000158349_20150122100417/Rendered/PDF/WPS7174.pdfen
okr.region.administrativeAfrica
okr.region.administrativeEast Asia and Pacific
okr.region.countryKorea, Republic of
okr.region.geographicalSub-Saharan Africa
okr.topicInformation Security and Privacy
okr.topicPrivate Sector Development::E-Business
okr.topicPoverty Reduction::Inequality
okr.topicEconomic Theory and Research
okr.topicPrivate Sector Development::Emerging Markets
okr.topicInformation and Communication Technologies
okr.topicMacroeconomics and Economic Growth
okr.unitProspects Group, Development Economics
relation.isAuthorOfPublication165325f4-d27a-5241-80a4-eb5495c41c24
relation.isAuthorOfPublication.latestForDiscovery165325f4-d27a-5241-80a4-eb5495c41c24
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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