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The Cambridge Multisectoral Dynamic Model: An Instrument for National Economic Policy Analysis
journal contributionposted on 2023-06-07, 23:09 authored by Terry Barker, Vani Borooah, Rick van der Ploeg, L. Alan WintersL. Alan Winters
This paper describes the latest version (MDM4) of a large-scale model of the UK economy that has been developed for economic policy analysis by the Cambridge Growth Project. The model is both dynamic and multisectoral so that it can be used to investigate the effects of policies on individual sectors of the economy as they vary through time. Just as importantly, the model can simulate the effects of changes at a sector level on the whole economy and its implications for policy, for example a change in the price of oil. The five sections of this paper could be regarded as five different ways of describing the model: the first section is a verbal description; the second section gives the condensed form of the model, which is a numerical summary of its main equations; the third section presents some properties of the model of interest to the economist; the fourth section shows the effects of economic policies as simulated by the model; and the final section illustrates the use of the model for policy analysis.
JournalJournal of Policy Modeling
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- Economics Publications
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