SIMULATING A MULTIFACTOR GENERAL EQUILIBRIUM MODEL OF PRODUCTION AND TRADE

Henry Thompson

16 citations0/0 files storedInternational Economic Journal

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Global trade and economics Economic Theory and Policy Global Trade and Competitiveness

Abstract

This study builds and simulates a high dimensional general equilibrium model of production and trade with inputs of capital and eight separate skilled groups of labor. Constant returns to scale cannot be rejected in any sector as a null hypothesis. International capital flows and labor migration are found to have very small effects on income redistribution, a result which is called near factor price equalization. Protectionism, on the other hand, has more substantial effects. Elasticities describing the income redistribution due to protection in manufacturing, agriculture, and services follow a pattern suggested by factor intensities. [410]

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References

1973Transcendental Logarithmic Production Frontiers 1965The Structure of Simple General Equilibrium Models 2008Applied General-Equilibrium Models of Taxation and International Trade: An Introduction and Survey 1973The Internal Structure of Functional Relationships: Separability, Substitution, and Aggregation 1977The Relevance of the Two-Sector Production Model in Trade Theory 1983Applied General Equilibrium Models of Taxation and International Trade 1979Econometric Studies of Labor-Labor Substitution and Their Implications for Policy 1973ON THE ELASTICITIES OF SUBSTITUTION AND COMPLEMENTARITY

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1995Free trade and income redistribution in some developing and newly industrialized countries

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