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GTAP Resources: Resource Display

GTAP Resource #3244

"A Dynamic General Equilibrium Analysis of Japanese & Korean Immigration"
by Phillips, Kerk


Abstract
This paper constructs a multi-sector dynamic general equilibrium model for a trading economy. We incorporate three major factors of production: capital, skilled labor & unskilled labor. We solve and calibrate the model using data from Japan and Korea. We then consider changes to immigration policy in both countries. We are able to examine the effects on output, consumption, wages, and utility. We do this for both the new steady state and for the time-path leading to that steady state. In addition, we are able, if we so wish, to impose a series of unrelated macroeconomic shock to the model. This has the advantage of allowing us to calculate confidence bands around our policy impulse response functions.

We find that allowing skilled labor to immigrate leads to greater welfare gains in the steady state. We also show that there is a great deal of uncertainty surrounding the exact time path to a new steady state in the presence of the typical fluctuations associated with business cycles. We find a great deal of inertia in the transition to a new steady state.


Resource Details (Export Citation) GTAP Keywords
Category: GTAP Application
Status: Not published
By/In:
Date: 2010
Version:
Created: Phillips, K. (4/12/2010)
Updated: Batta, G. (5/12/2010)
Visits: 2,237
- Labor market issues
- Dynamic modeling
- Calibration and parameter estimation
- Asia (East)


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  File format GTAP Resource 3244  (541.4 KB)   Replicated: 0 time(s)


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