The IMACLIM-3ME model is a declination of the static version of the IMACLIM macroeconomic model specified to approach the behaviour of the ThreeME macroeconomic model of France maintained at ADEME and OFCE. IMACLIM-3ME performs ‘comparative static’ analysis at any projection horizon for any scenario explored by the Three-ME model. It is designed as the macroeconomic module of a ‘macro-micro’ numerical tool that combines it with a micro-simulation module of households’ behaviour through the iterative exchange of variables. In the framework of this tool, IMACLIM 3-ME gradually distorts any macroeconomic equilibrium initially projected by ThreeME to reflect the iterated response of independent micro-simulation of households’ behaviour.
The specifications retained after ThreeME concern both macroeconomic and microeconomic assumptions. Regarding macroeconomics, IMACLIM-3ME mirrors ThreeME by implementing a neo-Keynesian closure on imported savings under constraint (1) of investment demand proportional to the capital demand of sectors, which proceeds from trade-offs between capital and labour under valuation of capital at a price proportional to that of fixed assets. (2) Of an exogenous aggregate household trade-off between consumption and savings, dictated by microsimulation. (3) Of the assumptions of constant taxes and excise duties as well as constant public expenditures in real terms at each horizon independently of the scenario the assumption of constant public expenditures at any given horizon reflects their indexation on (exogenous) potential growth in ThreeME. (4) And of competition on international markets regulated by an Armington specification of imperfect substitutability between domestic and imported varieties of goods for imports, and by simple price elasticities for exports.
Ghersi F., IMACLIM 3ME, CIRED Working Paper WP 2020-82