Macro-economy - EPPA
Each period of EPPA forms an Arrow-Debreu type of model that is the basis of the general equilibrium theory. The recursive structure connects periods together through the evolution of endowments (see model scope and methods). Since the main application of EPPA is to provide long-term projections under some counterfactual scenarios rather than short-term business fluctuations, the model only focuses on the real variables of economies without considering the monetary markets and financial instruments.
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|Institution||Massachusetts Institute of Technology (MIT), USA, https://globalchange.mit.edu/.|
|Solution concept||General equilibrium (closed economy)|