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Product differentiation and the treatment of foreign trade in computable general equilibrium models of small economies

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  • de Melo, Jaime
  • Robinson, Sherman

Abstract

This paper examines the treatment of exports and imports, and external closure rules, adopted in recent single-country computable general equilibrium models of small economies. The paper presents a simple, one-sector analytic model which captures the major features of the multi-sector counterpart used in applied models. The paper derives graphical and algebraic solutions to the model and shows that, unlike some earlier external closures, this one gives rise to a well-behaved, price-taking economy. The model is also useful to illustrate the role of elasticities in popular trade-theoretic models that include traded and non-traded goods.
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Suggested Citation

  • de Melo, Jaime & Robinson, Sherman, 1989. "Product differentiation and the treatment of foreign trade in computable general equilibrium models of small economies," Journal of International Economics, Elsevier, vol. 27(1-2), pages 47-67, August.
  • Handle: RePEc:eee:inecon:v:27:y:1989:i:1-2:p:47-67
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    JEL classification:

    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
    • F00 - International Economics - - General - - - General
    • F01 - International Economics - - General - - - Global Outlook
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations

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