CGE EVALUATION OF A UNIVERSITY'S EFFECTS ON A REGIONAL ECONOMY: AN INTEGRATED ASSESSMENT OF EXPENDITURE AND KNOWLEDGE IMPACTS |
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Authors: | James A. Giesecke John R. Madden |
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Affiliation: | Centre of Policy Studies, Monash University, Victoria, Australia |
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Abstract: | In recent years many universities have commissioned studies of the effects of their institutions on their local economies. Typically, these impact studies have concentrated on the demand-side stimuli to the regional economy that the university generates. Normally, the studies are undertaken with comparative-static input-output models. The present study employs a dynamic multiregional computable general equilibrium model to investigate supply-side as well as demand-side effects. There are a range of supply-side effects that have been investigated in the spatial econometrics literature. The supply-side impacts of the university that we examine in particular are a rise in the average skill level of the local workforce, and successful R&D outcomes. CGE modelling allows simulation of the associated productivity effects, while the dynamic features of the model allow for consequent effects on a region's population and capital stock growth rates to be taken into account. |
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