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Partial Equilibrium Models

Economists are increasingly called upon to design ex-ante evaluation models on the impact of economic reforms and shocks on the economic environment. This course is an introduction to partial equilibrium modeling. Students will learn the principles of partial equilibrium, the structure and the different issues of a GAMS program.

The first model is simple with only 6 equations and 6 unknowns, and it describes a national market with imports in a small country. Successive developments build upon the first model by introducing elaborated functional forms, the hypothesis of large country, substitute or complementary goods in consumption, value chains, and a world market. At the end of this course, students will be able to carry out simple but rich programs of ex-ante evaluation of the impact of economic reforms.