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GTAP Resource #4240

"Breaking the single-household assumption in the GTAP framework: An application for the United States "
by Aguiar, Angel


Abstract
The objective of this paper is to incorporate more detailed information on labor occupations and household groups for the U.S. economy in the GTAP framework, to allow for greater analysis of the impact of policies at the household level. The GTAP Data Base represents the world economy in equilibrium which is closely linked to the GTAP model. The Standard GTAP model is a multi-regional, global trade applied general equilibrium model with a single household for every region of the GTAP Data Base. In this paper, we modify the U.S. data in the GTAP Data Base to include multiple households. The new Data Base will be used with a modified model that explicitly considers multiple households. All other regions/countries in the Data Base are not modified.

In this paper we investigate the economic effects of the potential Trans-Pacific Partnership (TPP), a trade agreement between the US, Australia, Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The new model will allow us to analyze the effect of this policy at the household level for the US.

The modifications are implemented using shares so as to retain the underlying values of the GTAP Data Base. The Data Base represents the world economy equilibrium therefore the modifications need to add up to the original data base. The MyGTAP data manipulation program by Minor and Walmsley (2012a) is being used for this purpose. The following information is needed to obtain multiple households: primary factor splits, household consumption splits, and factor ownership shares for redistributing income to the new multiple households.

The latest version of the GTAP Data Base, version 8, is being used for this study (Narayanan et al, 2012). The data base represents the world economy for two reference years, 2004 and 2007. We are using the latest reference year, 2007. The Data Base is composed of 129 regions, 109 countries and 20 aggregated regions. The data base also d...


Resource Details (Export Citation) GTAP Keywords
Category: 2013 Conference Paper
Status: Published
By/In: Presented at the 16th Annual Conference on Global Economic Analysis, Shanghai, China
Date: 2013
Version:
Created: Aguiar, A. (4/15/2013)
Updated: Aguiar, A. (4/15/2013)
Visits: 694
- Multilateral trade negotiations
- North America


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