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The US Economy from 1992 to 1998: Results from a Detailed CGE Model

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  • PETER B. DIXON
  • MAUREEN T. RIMMER

Abstract

This paper describes historical and decomposition simulations undertaken for 1992–98 with a 500‐sector computable general equilibrium model of the US. The historical simulation provides estimates of movements in unobservable technology and preference variables. The decomposition simulation explains developments in the US economy in terms of movements in these variables and in observable exogenous variables such as tariffs. Both simulations produce many results. Here we use decomposition results to show that rapid growth in US international trade is explained mainly by technology changes that reduced costs in export‐orientated industries and increased inputs of commodities that are heavily imported.

Suggested Citation

  • Peter B. Dixon & Maureen T. Rimmer, 2004. "The US Economy from 1992 to 1998: Results from a Detailed CGE Model," The Economic Record, The Economic Society of Australia, vol. 80(s1), pages 13-23, September.
    • Handle: RePEc:bla:ecorec:v:80:y:2004:i:s1:p:s13-s23
    DOI: 10.1111/j.1475-4932.2004.00180.x
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    as
    1. W. Jill Harrison & J. Mark Horridge & K.R. Pearson, 2000. "Decomposing Simulation Results with Respect to Exogenous Shocks," Computational Economics, Springer;Society for Computational Economics, vol. 15(3), pages 227-249, June.
    2. Peter B. Dixon & Maureen T. Rimmer, 2003. "The US economy from 1992 to 1998: historical and decomposition simulations with the USAGE model," Centre of Policy Studies/IMPACT Centre Working Papers g-143, Victoria University, Centre of Policy Studies/IMPACT Centre.
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    More about this item

    JEL classification:

    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade

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