New modeling technique promises more accurate economic policy predictions.
CGE-models are commonly used in economic policy analysis, but they have limitations due to simplifying assumptions. To address these issues, a combined approach of econometric and CGE-modeling is suggested to improve accuracy in assessing policy-growth linkages. The integration of general equilibrium models into decision-making processes is challenging due to their complexity. Meta-modeling is proposed as a solution to improve the application of standard CGE-models in advanced policy frameworks, starting with addressing elasticity parameters and closure rules.