Description of the IMACLIM-Country model
A country-scale computable general equilibrium model to assess macroeco- nomic impacts of climate policies
Gaëlle Le Treut
Calibration consists in providing a set of values to all variables and then determining the values that should be given to the parameters so that the set of equations defining the model holds. The exercise is therefore to determine what values the parameters must take in order for the values drawn from national accounts to be linked by the set of equations. However, all parameters do not receive their values from the calibration: the carbon tax, for instance, is a purely exogenous parameter; other parameters have their values set according to some econometric estimation on data superseding the national accounts as described by the inputoutput table and the economic account table. As a result of these distinctions, the notations below are presented in three categories, (i) the variables of the model properly speaking, (ii) the parameters of the model that are calibrated on statistical data, and (iii) the exogenous parameters. Within each of these categories the notation are listed in alphabetical order (the Greek letters are classified according to their English name rather than according to their equivalent in the Latin alphabet).
Le Treut G., Description of the IMACLIM-Country model: A country-scale computable general equilibrium model to assess macroeconomic impacts of climate policies, CIRED Working Papers, WP 2020-85