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GTAP Resource #4976

"Labor Specification and Systematic Calibration Biases in Trade Policy Analyses"
by McDonald, Scott, Karen Thierfelder and Terrie Walmsley

This study demonstrates that there are systematic theoretical and empirical biases in results from analyses of economic policies using general equilibrium models. The biases are a consequence of the methods used to calibrate the standard (activity specific) production functions; theory allows inferences to be drawn on the directions of biases by reference to the direction of labor reallocations among sectors. Empirically, the magnitudes of the biases are uncertain, although it is possible to determine the upper and lower bounds associated with any experiment.

Resource Details (Export Citation) GTAP Keywords
Category: 2016 Conference Paper
Status: Published
By/In: Presented at the 19th Annual Conference on Global Economic Analysis, Washington DC, USA
Date: 2016
Created: Thierfelder, K. (4/14/2016)
Updated: Batta, G. (4/26/2016)
Visits: 1,251
- Calibration and parameter estimation
- Labor market issues

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