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Capital Vintages and Technology Diffusion in Global Models

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  • McDonald, Scott
  • Thierfelder, Karen
  • Walmsley, Terrie

Abstract

This paper provides an examination of the implications associate with different types of technological change for the operation of recursive dynamic CGE models. The analyses contrast the implications of different types of technical changes – Hicks, Harrod and Solow neutral – for model performance and analyses the importance of tracking capital vintages to ensure that capital services as opposed to capital stocks are used in the model’s production functions. In addition it is noted that the interpretation of technical change in most CGE models does not coincide with the interpretation in the productivity literature; the adjustments necessary to calibrate recursive dynamic models are identified.

Suggested Citation

  • McDonald, Scott & Thierfelder, Karen & Walmsley, Terrie, 2013. "Capital Vintages and Technology Diffusion in Global Models," Conference papers 332384, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    • Handle: RePEc:ags:pugtwp:332384
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    References listed on IDEAS

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    1. Jaime de MELO & Sherman ROBINSON, 2015. "Product Differentiation And The Treatment Of Foreign Trade In Computable General Equilibrium Models Of Small Economies," World Scientific Book Chapters, in: Modeling Developing Countries' Policies in General Equilibrium, chapter 2, pages 21-41, World Scientific Publishing Co. Pte. Ltd..
    2. Devaragan, Shantayanan & Lewis, Jeffrey D. & Robinson, Sherman, 1990. "Policy lessons from trade-focused, two-sector models," Journal of Policy Modeling, Elsevier, vol. 12(4), pages 625-657.
    3. Kilkenny, Maureen & Robinson, Sherman, 1990. "Computable general equilibrium analysis of agricultural liberalization: Factor mobility and macro closure," Journal of Policy Modeling, Elsevier, vol. 12(3), pages 527-556.
    4. Hertel, Thomas, 1997. "Global Trade Analysis: Modeling and applications," GTAP Books, Center for Global Trade Analysis, Department of Agricultural Economics, Purdue University, number 7685, December.
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