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15 - Implications for Global Economic Analysis

Published online by Cambridge University Press:  05 June 2012

Elena I. Ianchovichina
Affiliation:
The World Bank, USA
Terrie L. Walmsley
Affiliation:
Purdue University, USA, and University of Melbourne, Australia, Australia
Elena Ianchovichina
Affiliation:
The World Bank, Washington, DC
Terrie L. Walmsley
Affiliation:
Purdue University, Indiana
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Summary

With the launch of the GTAP project two decades ago it became possible for economists who are not specialists in AGE modeling to start using the general equilibrium approach for economic policy analysis, while at the same time avoiding the excessive costs of collecting data and programming. Not only the large number of citations of the first GTAP book documenting the standard GTAP model (Hertel 1997) but also the large number of individuals around the world using different versions of the framework and the database for policy research and analysis are testimony to the success of this project.

The GTAP network of researchers and analysts has been a key asset to the project: Members of the team not only benefited from the availability of data and advances in the modeling framework but also contributed models and data to the project. Knowledge generated by network members has been disseminated at annual conferences, and new ideas have been implemented quickly as the initial data and model lowered the costs of each new extension. In this respect GDyn is no different from other extensions of the GTAP model, although it did benefit substantially from the fact that there was a global database and standard model to start from.

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Publisher: Cambridge University Press
Print publication year: 2012

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References

Feldstein, M. and C., Horioka. 1980. “Domestic Savings and International Capital Flows”. Economic Journal 90, 314–29.CrossRefGoogle Scholar
Hertel, T. W. 1997. Global Trade Analysis: Modeling and Applications. Cambridge: Cambridge University Press.Google Scholar
Ianchovichina, E. and R., McDougall. 2001. Structure of Dynamic GTAP. GTAP Technical Paper No. 17. West Lafayette, IN: Center for Global Trade Analysis, Purdue University.Google Scholar
Kraay, A., N., Loayza, L., Serven, and J., Ventura. 2000, July. Country Portfolios. National Bureau of Economic Research World Paper Series No. 7795: 1–61. Washington, DC: BER.CrossRefGoogle Scholar

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