Figure 1. Flow Chart of General CGF Modeling Procedures.
Basic Data for single-year (regional accounts,
household income and expenditure, I-O tables,
tax and revenue data, trade estimates).
Adjustments for mutual consistency.
Benchmark Equilibrium Data Set
Replication check
Choice of functional
form and CALIBRATION
to benchmark equilibrium.
Spec, of exogenou
elasticities.
Policy change specified.
uCounterfactuaT equilibrium computed
for new policy regime.
PoUcy Appraisal based on pair-wise
comparison with benchmark scenario.
24
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