A Long-Term Macroeconomic Equilibrium Model for the European Community

Rogner, H.-H. ORCID: https://orcid.org/0000-0002-1045-9830 (1982). A Long-Term Macroeconomic Equilibrium Model for the European Community. IIASA Research Report. IIASA, Laxenburg, Austria: RR-82-013

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Abstract

MACRO, a highly aggregated, long-term, two-sector general equilibrium model, was developed to examine the energy-economy linkage in the context of the global energy study by the Energy Systems Program Group at IIASA.

This report presents a version of MACRO calibrated for the European Community, focusing on model structure, model validation and testing, and four applications to the EC region over a 50-year planning period. The applications, based on a range of energy supply scenarios, examine such economic questions as the impact of rising energy costs on economic activity, the feasibility of common assumptions about price-induced conservation, and the impact of continued high energy levels of energy imports on the trade balance.

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