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Incorporating Commodity Stockholding Behavior Into A Short-Run General Equilibrium Model Of The Global Economy

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  • Hertel, Thomas W.
  • Reimer, Jeffrey J.
  • Valenzuela, Ernesto

Abstract

This paper incorporates commodity stockholding into a short run, stochastic global general equilibrium model. A mix of econometric and calibration techniques are used to reconcile model outcomes with historical stockholding and price behavior. The resulting framework is useful for analyzing policies in the short run or presence of production variability.

Suggested Citation

  • Hertel, Thomas W. & Reimer, Jeffrey J. & Valenzuela, Ernesto, 2003. "Incorporating Commodity Stockholding Behavior Into A Short-Run General Equilibrium Model Of The Global Economy," 2003 Annual meeting, July 27-30, Montreal, Canada 22110, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea03:22110
    DOI: 10.22004/ag.econ.22110
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    References listed on IDEAS

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    2. DeVuyst, Eric A. & Preckel, Paul V., 1997. "Sensitivity analysis revisited: A quadrature-based approach," Journal of Policy Modeling, Elsevier, vol. 19(2), pages 175-185, April.
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    5. Unknown, 1998. "Regional Trade Agreements and U.S. Agriculture," Agricultural Information Bulletins 33661, United States Department of Agriculture, Economic Research Service.
    6. Edwards, Sebastian, 1998. "Openness, Productivity and Growth: What Do We Really Know?," Economic Journal, Royal Economic Society, vol. 108(447), pages 383-398, March.
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