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baseline [2019/06/03 08:36] jfoure [Calibration in the baseline exercise] |
baseline [2019/06/03 08:37] (current) jfoure [General presentation of the baseline design] |
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| * In this step, the GDP trajectory is imposed to the model in order to calibrate the trajectory of TFP growth | * In this step, the GDP trajectory is imposed to the model in order to calibrate the trajectory of TFP growth | ||
| * Step 2 : Other assumptions are implemented in the second step (e.g. large free trade agreements, Paris agreement) | * Step 2 : Other assumptions are implemented in the second step (e.g. large free trade agreements, Paris agreement) | ||
| - | * This step takes the productivity calibrated in step 1 as given, and let GDP be endogenous to account for the GDP effects of baseline assumptions | + | * This step takes the productivity calibrated in step 1 as given, and let GDP be endogenous. |
| + | * This allows to account for the effect of baseline assumptions on GDP and energy prices | ||
| ===== GDP projections ===== | ===== GDP projections ===== | ||
