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GTAP Resource #3643

"Building a Custom Initialization Data Product for a Life-cycle OLG Model"
by Elliott, Joshua, Margaret Loudermilk, Nirupama Rao, Ian Foster, Don Fullerton and Todd Munson

We describe the process of constructing a custom database for a model built on the CIM-EARTH framework to explore distributional impacts of climate change mitigation policy in the US. The consumer side is a life-cycle model with over-lapping generations and consumer types separated into 12 groups by lifetime (as opposed to annual) income. The starting point is the GTAP data set, a consistent representation of the global economy from the supply side (i.e. commodities are classified strictly as producer goods). Several modifications and additions must be made to the database in order to produce a consistent data product that can serve as an initialization set for the model: a model of government activity is constructed that enables versatility in representing transfer payments and tax revenues; consumer products are introduced by mapping producer to consumer goods using the PCE bridge matrix; lifetime income profiles are estimated using the Panel Study of Income Dynamics (PSID); and expenditure preferences for 5 year age groups are estimated from the Consumer Expenditures Survey (CEX).

Resource Details (Export Citation) GTAP Keywords
Category: 2011 Conference Paper
Status: Published
By/In: Presented at the 14th Annual Conference on Global Economic Analysis, Venice, Italy
Date: 2011
Created: Elliott, J. (4/15/2011)
Updated: Elliott, J. (6/20/2011)
Visits: 2,414
- Domestic policy analysis
- Economic analysis of poverty
- Climate change policy
- Dynamic modeling
- Calibration and parameter estimation
- The GTAP Data Base and extensions
- North America

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