Journal
JOURNAL OF POLICY MODELING
Volume 37, Issue 1, Pages 14-34Publisher
ELSEVIER SCIENCE INC
DOI: 10.1016/j.jpolmod.2015.01.007
Keywords
Evaluation; Public policy; Social accounting matrix
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In this article, we present a new methodology to develop bootstrap estimates of a social accounting matrix (SAM), by combining entropy minimization and Monte Carlo simulation techniques. An application is presented to the Italian economy, demonstrating how a set of policy measures can be evaluated by incorporating the prior degree of uncertainty on the model parameters and the historical volatility in the main variables. The results of this exercise show that the methodology proposed provides specific evaluations of the policy measures considered, as well as a rich informational structure on the extension and the limitations of the inference from the data and the economic model. (C) 2015 Society for Policy Modeling. Published by Elsevier Inc. All rights reserved.
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