The multi-sectoral growth model MSG-4 : formal structure and empirical characteristics
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- Discussion Papers [1002]
Sammendrag
In the first part of this paper a brief retrospective survey of the
development of the MSG model is given, from it was first presented in
Johansen (1960) until the present version MSG-4. Some principal choices to
be made regarding the structure of an applied general equilibrium model are
also discussed. The paper then presents main features of the formal
structure of the MSG-4 model. Finally, some empirical characteristics of
the present MSG version are demonstrated by presenting estimates of
long-term total elasticities calculated by the MSG model.