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GTAP Resources: Resource Display

GTAP Resource #3434

"Incorporating Commodity Stockholding into a General Equilibrium Model of the Global Economy"
by Hertel, Thomas, Jeff Reimer and Ernesto Valenzuela


Abstract
Applied General Equilibrium (AGE) models are increasingly used for short-run commodity market analysis, although they are generally not designed for such purposes. This study remedies a key shortcoming of such work by incorporating a commodity stockholding model into a short-run global AGE model. An approach to calibrating and validating the model is demonstrated for the staple grains sector. Its historical weather-induced supply shocks form a natural vehicle for reconciling model outcomes with observed behavior. The stockholding model, in conjunction with a Gaussian Quadrature approach to characterizing supply-side uncertainty, will prove useful to researchers seeking to conduct short-run analysis of commodity market policy in an AGE context.


Resource Details (Export Citation) GTAP Keywords
Category: GTAP Application
Status: Published
By/In: Economic Modelling 22(4):646-664
Date: 2005
Version:
Created: Reimer, J. (9/10/2010)
Updated: Reimer, J. (9/10/2010)
Visits: 972
- Calibration and parameter estimation
- The GTAP Data Base and extensions
- Baseline development


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