Validating Policy‐Induced Economic Change Using Sequential General Equilibrium SAMs

We present a novel sequential approach that explores the capacity of Computable general equilibrium (CGE) models to track down policy‐induced economic changes and their ability to generate contrastable data. We use an empirical Social accounting matrix (SAM) of the region of Andalusia, in the south of Spain, to construct an initial CGE model. This model is then perturbed with a set of policy shocks related to EU Structural Funds invested into Andalusia. These shocks are accompanied by some parameter adjustments that pick up the main external changes not explained by the model. We generate a sequence of model‐produced virtual SAMs. We then compare the last virtual SAM in the sequence with a new available empirical SAM. This allows us to check relatedness, for the same year, between the model produced and the empirical SAMs. The results show a good fit to the empirical data, providing further support to the CGE modelling tool. Copyright © 2016 John Wiley & Sons, Ltd.     

Modelling and forecasting time series sampled at different frequencies

This paper discusses how to specify an observable high‐frequency model for a vector of time series sampled at high and low frequencies. To this end we first study how aggregation over time affects both the dynamic components of a time series and their observability, in a multivariate linear framework. We find that the basic dynamic components remain unchanged but some of them, mainly those related to the seasonal structure, become unobservable. Building on these results, we propose a structured specification method built on the idea that the models relating the variables in high and low sampling frequencies should be mutually consistent. After specifying a consistent and observable high‐frequency model, standard state‐space techniques provide an adequate framework for estimation, diagnostic checking, data interpolation and forecasting. An example using national accounting data illustrates the practical application of this method. Copyright © 2008 John Wiley & Sons, Ltd.     

Variation in genome-wide mutation rates within and between human families

J.B.S. Haldane proposed in 1947 that the male germline may be more mutagenic than the female germline. Diverse studies have supported Haldane's contention of a higher average mutation rate in the male germline in a variety of mammals, including humans. Here we present, to our knowledge, the first direct comparative analysis of male and female germline mutation rates from the complete genome sequences of two parent-offspring trios. Through extensive validation, we identified 49 and 35 germline de novo mutations (DNMs) in two trio offspring, as well as 1,586 non-germline DNMs arising either somatically or in the cell lines from which the DNA was derived. Most strikingly, in one family, we observed that 92% of germline DNMs were from the paternal germline, whereas, in contrast, in the other family, 64% of DNMs were from the maternal germline. These observations suggest considerable variation in mutation rates within and between families.     

Insights or forecasts? An evaluation of a computable general equilibrium model of spain

Computable general equilibrium (CGE) models are widely used as an advanced tool to evaluate alternative economic strategies and policy measures. These models are well rooted in solid economic theory, yet a crucial question is hardly asked: how well do these models perform? We address this question by comparing the economic performance of the Spanish economy in 1988 with the simulation results drawn from a CGE model calibrated with a 1987 Social Accounting Matrix. The values of endogenous variables used in the comparison are the equilibrium values provided by the model after updating the values of exogenous variables such as labour and capital endowments, real exports and effective nominal exchange rates with the European Community and the rest of the world, real government expenditures, and various tax rates, government subsidies, and transfers. The comparison shows that the model captures adequately the major developments that occurred in the Spanish economy in 1988. This result increases our confidence in the quantitative estimates derived from the model in the usual simulation exercises.