GTAP Resources: Resource Display
| GTAP Resource #5738 |
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"Trade Tensions: Inspecting the Effects Through Two Lenses " by Hunt, Ben, Susanna Mursula, Rafael Portillo and Marika Santoro Abstract In this paper, we provide a systematic comparison of simulations from two workhorse models: the GTAP Consortium’s CGE model (static version) and the IMF’s Global Integrated Monetary and Fiscal (GIMF) model, which is a multi-country DSGE model of the global economy. Simulations are based on a set of stylized tariff experiments to facilitate comparison. Some of the issues we explore are: (i) sensitivity to trade elasticity, (ii) differences in economic structure and sectoral disaggregation across models, (ii) the role of real and nominal rigidities in DSGE models and (iii) the role of alternative closures in shaping the effects in CGE models. We show that rigidities in GIMF tend to create large trade diversion in the short run, while expenditure switching gradually shapes the transition to the long run. However, even in the long run, GIMF shows a lower degree of reshoring relative to GTAP as investment plays a key role in DSGE models. |
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- Dynamic modeling - Multilateral trade negotiations |
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Last Modified: 9/15/2023 1:05:45 PM
