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Abstract
This paper reviews computable general equilibrium (CGE) modelling, taking as pathbreaking its starting point the contribution of Johansen (1960). It gives a brief history of the field; reviews solution procedures based on linear computations for single-period and multi-period models; sets out the theoretical structure, the data and some simulations from an illustrative model; and assesses the achievements, limitations and potential of the CGE field. The emphasis is on the role of CGE models in practical policy analysis and forecasting.