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Quantitative Trade Models: Developments and Challenges

Listed author(s):
  • Pau Pujolas

    (McMaster University)

  • Jack Rossbach

    (Georgetown University Qatar)

  • Timothy Kehoe

    (University of Minnesota)

Applied general equilibrium (AGE) models, which feature multiple countries, multiple industries, and input-output linkages across industries in a Walrasian general equilibrium framework, have been the dominant tool for evaluating the impact of trade liberalization since the 1980s. We review and document shortcomings in the performance of AGE models in predicting the effects of past trade reforms across industries. We argue that to improve their performance in predicting the impact of trade reforms, existing models need to incorporate micro data on bilateral trade relations by industry and to better model how trade reforms lower bilateral trade costs. We use the least-traded-products methodology of Kehoe, Ruhl, and Rossbach (2015) to provide a guide on how improvements can be made.

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File URL: https://economicdynamics.org/meetpapers/2017/paper_541.pdf
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Paper provided by Society for Economic Dynamics in its series 2017 Meeting Papers with number 541.

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Date of creation: 2017
Handle: RePEc:red:sed017:541
Contact details of provider: Postal:
Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA

Web page: http://www.EconomicDynamics.org/
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