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The Michigan Model of World Production and Trade

In: Comparative Advantage, Growth, And The Gains From Trade And Globalization A Festschrift in Honor of Alan V Deardorff

Author

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  • Alan V. Deardorff

    (University of Michigan, Ann Arbor, MI 48109, USA)

  • Robert M. Stern

    (University of Michigan, Ann Arbor, MI 48109, USA)

Abstract

The following sections are included:Theoretical Structure of the ModelOverview of the ModelEquations of the ModelCountry-system equationsWorld-system equationsSupply and Demand FunctionsThe Armington AssumptionNontariff BarriersImport LicensingRest-of-World Net SupplyDepartures from General EquilibriumEconomic WelfareTheoretical Illustrations of the ModelThe Closure IssueComparison with Other Computational ModelsExperience from the Michigan Model and Implications for ResearchLessons from Computer Modeling of TradeMethodologyThe Armington AssumptionTariff Revenue RedistributionImport LicensingTariffsDirections for Future ResearchNotesReferences

Suggested Citation

  • Alan V. Deardorff & Robert M. Stern, 2011. "The Michigan Model of World Production and Trade," World Scientific Book Chapters, in: Robert M Stern (ed.), Comparative Advantage, Growth, And The Gains From Trade And Globalization A Festschrift in Honor of Alan V Deardorff, chapter 36, pages 451-502, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814340373_0036
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    Cited by:

    1. Ken Itakura & Hiro Lee, 2023. "Should the United States rejoin the Trans-Pacific trade deal?," International Economics and Economic Policy, Springer, vol. 20(2), pages 235-255, May.

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