GTAP Resources: Resource Display
| GTAP Resource #3434 |
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"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 | ||||||||||||||||
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- Calibration and parameter estimation - The GTAP Data Base and extensions - Baseline development |
| Attachments |
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Public Access No documents have been attached. Restricted Access No documents have been attached. Special Instructions No instructions have been specified. |
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Last Modified: 9/15/2023 2:05:45 PM
