Macroeconomic & Welfare Effects of Energy Policies in the GCC: MEGIR-SA model
MEGIR – Model with Energy, Growth and Intergenerational Redistribution – investigates the long-run implications for growth and equity across generations of different energy policies. It is the first general equilibrium model with overlapping generations to be developed and applied for energy policy analysis in the Arabian Peninsula. The version presented here is parameterized on Saudi data. It is a new and thoroughly revised version of the model developed for western countries by Gonand and Jouvet (2015). It is designed specifically for the economies of the Gulf Cooperation Council (GCC) states, particularly insofar as it incorporates an oil-exporting sector and public finances benefiting massively and directly from oil exports.
distribution by age cohort. The MEGIR-SA model is also well suited to being adapted to include a sovereign wealth fund or for other oil exporting countries. The main advantage of MEGIR-SA is its ability to analyze precisely and simultaneously the effect of energy policies on potential growth and on intergenerational equity. This has some unavoidable cost in terms of modeling other aspects of the economy – e.g., the modeling of the supply side is more simplified than in models incorporating input-output matrix.
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