Development of QGEMF-T, a Dynamic Economy-Wide Model of Tourism
This working paper was prepared by Siobhan Dent, Matthew Clark and Greg Watts, Office of Economic and Statistical Research, Queensland Treasury, June 2005.
Over the last 40 years, the use of Computable General Equilibrium (CGE) models for policy and project analysis has greatly increased, covering a vast array of topics. One area currently generating a fair amount of attention is tourism, or more specifically the contribution of tourism to Australian and Regional economies. In 2001, the Office of Economic and Statistical Research (OESR) was commissioned by Tourism Queensland (TQ) and Queensland Treasury to provide a series of reports in a project designed to provide details of the contribution of tourism to the Queensland economy. As part of this project, OESR was also required to develop two economic models capable of modelling a range of scenarios and policy issues affecting tourism.
The working paper, Development of QGEMF-T—A Dynamic Economy-Wide Model of Tourism, provides a detailed overview of QGEMF-T. The QGEMF-T model is essentially an extension of a comparative static CGE model of tourism, which was developed by OESR during 2002. Because QGEMF-T is a dynamic model it has several advantages over the earlier static model in that it:
- Traces out the time path of economic adjustments occurring in response to a policy change or economic shock;
- Facilitates modelling scenarios where the policy changes or economic shocks are spread over several years; and
- Provides the information necessary to facilitate a net present value calculation of the total impact of a policy over an observed period.
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