The Japanese government plans to reduce greenhouse gas emissions by 80% by 2050. However, it is not yet clear which policy measures the government will adopt to achieve this goal. In this regard, environmental tax reform, which is the combination of carbon regulation and the reduction of existing distortionary taxes, has attracted much attention. This paper examines the effects of environmental tax reform in Japan. Using a dynamic computable general equilibrium (CGE) model, we analyze the quantitative impacts of environmental tax reform and clarify which types of environmental tax reform are the most desirable. In the simulation, we introduce a carbon tax and consider the following five scenarios for the use of carbon tax revenue: 1) a lump-sum rebate to the household, 2) a cut in social security contributions, 3) a cut in income taxes, 4) a cut in corporate taxes and 5) a cut in consumption taxes. The first scenario is a pure carbon tax, and the other four scenarios are types of environmental tax reform. Our CGE simulation shows that environmental tax reform tends to generate more desirable impacts than the pure carbon tax by improving welfare or increasing GDP while reducing emissions (double dividend). In particular, we show that a cut in corporate taxes leads to the most desirable policy in terms of GDP and national income.
日本政府计划到 2050 年将温室气体排放量减少 80%。然而，目前尚不清楚政府将采取哪些政策措施来实现这一目标。在这方面，环境税改革备受关注，它是碳排放监管与减少现有扭曲性税收的结合。本文研究了日本环境税改革的效果。我们利用动态可计算一般均衡（CGE）模型，分析了环境税改革的定量影响，并阐明了哪种类型的环境税改革最可取。在模拟中，我们引入了碳税，并考虑了以下五种碳税收入使用方案：1) 向家庭一次性退税；2) 削减社会保障缴款；3) 削减所得税；4) 削减企业税；5) 削减消费税。第一个方案是纯粹的碳税，其他四个方案是环境税改革的类型。我们的 CGE 模拟显示，与纯粹的碳税相比，环境税改革倾向于通过改善福利或增加 GDP 同时减少排放（双重红利）来产生更理想的影响。特别是，我们发现，从 GDP 和国民收入的角度来看，削减企业税是最理想的政策。
{"title":"A Computable General Equilibrium Analysis of Environmental Tax Reform in Japan","authors":"Shiro Takeda, Toshi H. Arimura","doi":"10.2139/ssrn.3593471","DOIUrl":"https://doi.org/10.2139/ssrn.3593471","url":null,"abstract":"The Japanese government plans to reduce greenhouse gas emissions by 80% by 2050. However, it is not yet clear which policy measures the government will adopt to achieve this goal. In this regard, environmental tax reform, which is the combination of carbon regulation and the reduction of existing distortionary taxes, has attracted much attention. This paper examines the effects of environmental tax reform in Japan. Using a dynamic computable general equilibrium (CGE) model, we analyze the quantitative impacts of environmental tax reform and clarify which types of environmental tax reform are the most desirable. In the simulation, we introduce a carbon tax and consider the following five scenarios for the use of carbon tax revenue: 1) a lump-sum rebate to the household, 2) a cut in social security contributions, 3) a cut in income taxes, 4) a cut in corporate taxes and 5) a cut in consumption taxes. The first scenario is a pure carbon tax, and the other four scenarios are types of environmental tax reform. Our CGE simulation shows that environmental tax reform tends to generate more desirable impacts than the pure carbon tax by improving welfare or increasing GDP while reducing emissions (double dividend). In particular, we show that a cut in corporate taxes leads to the most desirable policy in terms of GDP and national income.","PeriodicalId":346619,"journal":{"name":"ERN: Computable General Equilibrium Models (Topic)","volume":"2 6","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141209123","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this paper, I develop and estimate a dynamic equilibrium model of household borrowing and savings decisions in formal and informal credit markets. The model features households with heterogeneities in productivity and wealth, and characterizes credit market access by interest rates, fixed costs, and borrowing constraints. Households have access to an exogenous formal credit market and to an informal credit market in which the interest rate is endogenously determined by the local demand and supply of credit. My application focuses on Thailand which implemented policies in 2001 that primarily encouraged borrowing. I estimate the model by simulated maximum likelihood using data from the Townsend Thai Monthly Survey. Based on the estimated model, I find that lower fixed costs increased the proportion of households borrowing formally, and that relaxed formal borrowing collateral constraints lowered informal interest rates. In terms of welfare, I find that low wealth but productive households benefited from Thai policies to expand credit access, but the gains were smaller than suggested by previous studies that ignored the informal market. Moreover, approximately 18% of households suffered welfare losses because of diminished opportunities for informal saving. Counterfactual policy simulations suggest that policies that combine borrowing and savings subsidies could yield higher average social welfare at a cost similar to the implemented policies.
{"title":"An Empirical Equilibrium Model of Formal and Informal Credit Markets in Developing Countries","authors":"Fan Wang","doi":"10.2139/ssrn.3316939","DOIUrl":"https://doi.org/10.2139/ssrn.3316939","url":null,"abstract":"In this paper, I develop and estimate a dynamic equilibrium model of household borrowing and savings decisions in formal and informal credit markets. The model features households with heterogeneities in productivity and wealth, and characterizes credit market access by interest rates, fixed costs, and borrowing constraints. Households have access to an exogenous formal credit market and to an informal credit market in which the interest rate is endogenously determined by the local demand and supply of credit. My application focuses on Thailand which implemented policies in 2001 that primarily encouraged borrowing. I estimate the model by simulated maximum likelihood using data from the Townsend Thai Monthly Survey. Based on the estimated model, I find that lower fixed costs increased the proportion of households borrowing formally, and that relaxed formal borrowing collateral constraints lowered informal interest rates. In terms of welfare, I find that low wealth but productive households benefited from Thai policies to expand credit access, but the gains were smaller than suggested by previous studies that ignored the informal market. Moreover, approximately 18% of households suffered welfare losses because of diminished opportunities for informal saving. Counterfactual policy simulations suggest that policies that combine borrowing and savings subsidies could yield higher average social welfare at a cost similar to the implemented policies.","PeriodicalId":346619,"journal":{"name":"ERN: Computable General Equilibrium Models (Topic)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133573628","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
I build a general equilibrium model of the transmission of monetary policy on bank lending. Bank lending is done by individual banks that face random investment opportunities by creating inside money. Banks are subject to a reserve requirement and have access to the interbank money market. The model shows that lowering the money market rate relative to the inflation rate reduces investment and welfare. This is because the money market is an outside option for banks that face bad investment opportunities. Reducing the money market rate lowers the value of this outside option, which in turn reduces banks’ willingness to acquire reserves ex-ante. This leads to less aggregate reserves, which reduces the banking system’s ability to grant credit.
{"title":"Bank Lending, Financial Frictions, and Inside Money Creation","authors":"Lukas Altermatt","doi":"10.2139/ssrn.3402374","DOIUrl":"https://doi.org/10.2139/ssrn.3402374","url":null,"abstract":"I build a general equilibrium model of the transmission of monetary policy on bank lending. Bank lending is done by individual banks that face random investment opportunities by creating inside money. Banks are subject to a reserve requirement and have access to the interbank money market. The model shows that lowering the money market rate relative to the inflation rate reduces investment and welfare. This is because the money market is an outside option for banks that face bad investment opportunities. Reducing the money market rate lowers the value of this outside option, which in turn reduces banks’ willingness to acquire reserves ex-ante. This leads to less aggregate reserves, which reduces the banking system’s ability to grant credit.","PeriodicalId":346619,"journal":{"name":"ERN: Computable General Equilibrium Models (Topic)","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114583584","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We provide predictions for DSGE models with incomplete information that are robust across information structures. Our approach maps an incomplete-information model into a full-information economy with time-varying expectation wedges and provides conditions that ensure the wedges are rationalizable by some information structure. Using our approach, we quantify the potential importance of information as a source of business cycle fluctuations in an otherwise frictionless model. Our approach uncovers a central role for firm-specific demand shocks in supporting aggregate confidence fluctuations. Only if firms face unobserved local demand shocks can confidence fluctuations account for a significant portion of the US business cycle. (JEL D82, D83, E13, E31, E32)
{"title":"Robust Predictions for DSGE Models with Incomplete Information","authors":"R. Chahrour, R. Ulbricht","doi":"10.2139/ssrn.3292550","DOIUrl":"https://doi.org/10.2139/ssrn.3292550","url":null,"abstract":"We provide predictions for DSGE models with incomplete information that are robust across information structures. Our approach maps an incomplete-information model into a full-information economy with time-varying expectation wedges and provides conditions that ensure the wedges are rationalizable by some information structure. Using our approach, we quantify the potential importance of information as a source of business cycle fluctuations in an otherwise frictionless model. Our approach uncovers a central role for firm-specific demand shocks in supporting aggregate confidence fluctuations. Only if firms face unobserved local demand shocks can confidence fluctuations account for a significant portion of the US business cycle. (JEL D82, D83, E13, E31, E32)","PeriodicalId":346619,"journal":{"name":"ERN: Computable General Equilibrium Models (Topic)","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121465610","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We develop a structural DSGE model to systematically study the principal tools of unconventional monetary policy – quantitative easing (QE), forward guidance, and negative interest rate policy (NIRP) – as well as the interactions between them. To generate the same output response, the requisite NIRP and forward guidance interventions are twice as large as a conventional policy shock, which seems implausible in practice. In contrast, QE via an endogenous feedback rule can alleviate the constraints on conventional policy posed by the zero lower bound. Quantitatively, QE1-QE3 can account for two thirds of the observed decline in the “shadow” Federal Funds rate. In spite of its usefulness, QE does not come without cost. A large balance sheet has consequences for different normalization plans, the efficacy of NIRP, and the effective lower bound on the policy rate.
{"title":"Evaluating Central Banks&Apos; Tool Kit: Past, Present, and Future","authors":"Eric R. Sims, Jing Cynthia Wu","doi":"10.2139/ssrn.3344490","DOIUrl":"https://doi.org/10.2139/ssrn.3344490","url":null,"abstract":"We develop a structural DSGE model to systematically study the principal tools of unconventional monetary policy – quantitative easing (QE), forward guidance, and negative interest rate policy (NIRP) – as well as the interactions between them. To generate the same output response, the requisite NIRP and forward guidance interventions are twice as large as a conventional policy shock, which seems implausible in practice. In contrast, QE via an endogenous feedback rule can alleviate the constraints on conventional policy posed by the zero lower bound. Quantitatively, QE1-QE3 can account for two thirds of the observed decline in the “shadow” Federal Funds rate. In spite of its usefulness, QE does not come without cost. A large balance sheet has consequences for different normalization plans, the efficacy of NIRP, and the effective lower bound on the policy rate.","PeriodicalId":346619,"journal":{"name":"ERN: Computable General Equilibrium Models (Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115372442","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract This paper investigates the implications of intermediate goods for optimal monetary policy in open economies, and particularly focuses on the welfare gains that result from monetary cooperation. In a relatively standard two-country dynamic stochastic general equilibrium model with input-output relations, this paper demonstrates that introducing intermediate goods can amplify the welfare gains caused by cost-push shocks by an order of magnitude larger. A detailed analysis of equilibrium dynamics highlights a new channel that is absent in the previous literature: non-cooperative central banks respond differently to shocks in the intermediate goods market versus shocks in the final goods market, even if these shocks generate the same distortions when the two central banks cooperate. Furthermore, it is demonstrated that increasing the degree of openness in the intermediate goods market can reduce the welfare gains from monetary cooperation. This casts doubt on whether the recent trend in international economic integration justifies the potential need for international monetary cooperation.
{"title":"The Role of Intermediate Goods in International Monetary Cooperation","authors":"T. Xia","doi":"10.2139/ssrn.3313932","DOIUrl":"https://doi.org/10.2139/ssrn.3313932","url":null,"abstract":"Abstract This paper investigates the implications of intermediate goods for optimal monetary policy in open economies, and particularly focuses on the welfare gains that result from monetary cooperation. In a relatively standard two-country dynamic stochastic general equilibrium model with input-output relations, this paper demonstrates that introducing intermediate goods can amplify the welfare gains caused by cost-push shocks by an order of magnitude larger. A detailed analysis of equilibrium dynamics highlights a new channel that is absent in the previous literature: non-cooperative central banks respond differently to shocks in the intermediate goods market versus shocks in the final goods market, even if these shocks generate the same distortions when the two central banks cooperate. Furthermore, it is demonstrated that increasing the degree of openness in the intermediate goods market can reduce the welfare gains from monetary cooperation. This casts doubt on whether the recent trend in international economic integration justifies the potential need for international monetary cooperation.","PeriodicalId":346619,"journal":{"name":"ERN: Computable General Equilibrium Models (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115220965","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We build a dynamic general equilibrium model with heterogeneous households and capital-skill complementarity in the production function to study aggregate and distributional effects of fiscal consolidation policies when government uses a rich set of productivity-enhancing spending instruments along with utility-enhancing spending and tax fiscal instruments. Fiscal policy is conducted through simple fiscal rules. We study both ad-hoc and optimized fiscal rules. Our main results indicate that ad-hoc fiscal consolidation policies, either through spending cuts or tax increases, are recessionary and entail an equity-efficiency trade-off in the short- and medium-run. That is spending-based consolidation policies are less recessionary but come at a higher distributional cost; whereas tax-based consolidation policies result in sharper output losses but have smoother distributional effects. In addition, fiscal consolidation policies through optimized fiscal rules can be expansionary and social welfare enhancing while at the same time balance the equity-efficiency trade-off.
{"title":"The (Intertemporal) Equity-Efficiency Trade-Off of Fiscal Consolidation","authors":"Stelios Sakkas, Petros Varthalitis","doi":"10.2139/ssrn.3303257","DOIUrl":"https://doi.org/10.2139/ssrn.3303257","url":null,"abstract":"We build a dynamic general equilibrium model with heterogeneous households and capital-skill complementarity in the production function to study aggregate and distributional effects of fiscal consolidation policies when government uses a rich set of productivity-enhancing spending instruments along with utility-enhancing spending and tax fiscal instruments. Fiscal policy is conducted through simple fiscal rules. We study both ad-hoc and optimized fiscal rules. Our main results indicate that ad-hoc fiscal consolidation policies, either through spending cuts or tax increases, are recessionary and entail an equity-efficiency trade-off in the short- and medium-run. That is spending-based consolidation policies are less recessionary but come at a higher distributional cost; whereas tax-based consolidation policies result in sharper output losses but have smoother distributional effects. In addition, fiscal consolidation policies through optimized fiscal rules can be expansionary and social welfare enhancing while at the same time balance the equity-efficiency trade-off.","PeriodicalId":346619,"journal":{"name":"ERN: Computable General Equilibrium Models (Topic)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126008746","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We describe a model for two market-makers in the sovereign bond market. The paper gives special importance to the way payments are decided and reflects the cost of securities issuance and trading, a usually small and neglected component of the bond price in normal times. The model generates a dynamic of the bid-ask spread which depends on the discount rate of utility of the market-makers. The novelty of the paper consists in modelling the discount rate of utility as a function depending on fundamentals and the possible changes in the overall risk aversion in the market. The latter aspect is modelled as a martingale process and called sentiment process. We then obtain a solution for our model that can qualitatively mimic the decrease of turnover and the related increase of spread observed in periods of financial uncertainty.
{"title":"Freeze and Bid-Ask Spread in the Sovereign Bond Market","authors":"P. Moutot, I. Curato, Rafaela Guberovic","doi":"10.2139/ssrn.3079487","DOIUrl":"https://doi.org/10.2139/ssrn.3079487","url":null,"abstract":"We describe a model for two market-makers in the sovereign bond market. The paper gives special importance to the way payments are decided and reflects the cost of securities issuance and trading, a usually small and neglected component of the bond price in normal times. The model generates a dynamic of the bid-ask spread which depends on the discount rate of utility of the market-makers. The novelty of the paper consists in modelling the discount rate of utility as a function depending on fundamentals and the possible changes in the overall risk aversion in the market. The latter aspect is modelled as a martingale process and called sentiment process. We then obtain a solution for our model that can qualitatively mimic the decrease of turnover and the related increase of spread observed in periods of financial uncertainty.","PeriodicalId":346619,"journal":{"name":"ERN: Computable General Equilibrium Models (Topic)","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123370854","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We develop a simple procedure for general equilibrium comparative static analysis of gravity models. Non‐linear solvers are replaced by (constrained) regressions using theoretical properties of the Poisson pseudo‐maximum‐likelihood estimator. Our GEPPML procedure can readily be implemented in any software capable of estimating constrained Poisson models. The procedure accommodates calibrated as well as estimated trade costs while using the estimation power of structural gravity to generate GE comparative statics. Using GEPPML, we quantify the effects of a hypothetical removal of all international borders while preserving the impact of geography on trade. We find that trade liberalisation has reaped at most half the potential world gains from trade in 2002 manufacturing. A complementary counterfactual experiment simulates the removal of the border between Canada and US, thus contributing to the famous “border puzzle” literature in a multicountry setting.
{"title":"GEPPML: General Equilibrium Analysis with PPML","authors":"James E. Anderson, Mario Larch, Y. Yotov","doi":"10.1111/twec.12664","DOIUrl":"https://doi.org/10.1111/twec.12664","url":null,"abstract":"We develop a simple procedure for general equilibrium comparative static analysis of gravity models. Non‐linear solvers are replaced by (constrained) regressions using theoretical properties of the Poisson pseudo‐maximum‐likelihood estimator. Our GEPPML procedure can readily be implemented in any software capable of estimating constrained Poisson models. The procedure accommodates calibrated as well as estimated trade costs while using the estimation power of structural gravity to generate GE comparative statics. Using GEPPML, we quantify the effects of a hypothetical removal of all international borders while preserving the impact of geography on trade. We find that trade liberalisation has reaped at most half the potential world gains from trade in 2002 manufacturing. A complementary counterfactual experiment simulates the removal of the border between Canada and US, thus contributing to the famous “border puzzle” literature in a multicountry setting.","PeriodicalId":346619,"journal":{"name":"ERN: Computable General Equilibrium Models (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132944055","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We compare different methodological approaches to predicting the welfare effects of trade policy experiments. We focus on studies that estimate the economic effects of the Transatlantic Trade and Investment Partnership (TTIP). Methodologically, the studies can be divided into those employing computable general equilibrium (CGE) models and structural gravity (SG) models. We compare and critically discuss differences in the estimated trade cost reductions and in the economic models employed, and how these can explain the relatively wide range of economic effects found in the different TTIP studies. We conclude that reasonable estimates of the welfare effects for the TTIP partners are between 0.5% and 2%.
{"title":"The Welfare Effects of Free Trade Agreements in Quantitative Trade Models: A Comparison of Studies About Transatlantic Trade and Investment Partnership","authors":"E. Bekkers, H. Rojas‐Romagosa","doi":"10.1111/twec.12670","DOIUrl":"https://doi.org/10.1111/twec.12670","url":null,"abstract":"We compare different methodological approaches to predicting the welfare effects of trade policy experiments. We focus on studies that estimate the economic effects of the Transatlantic Trade and Investment Partnership (TTIP). Methodologically, the studies can be divided into those employing computable general equilibrium (CGE) models and structural gravity (SG) models. We compare and critically discuss differences in the estimated trade cost reductions and in the economic models employed, and how these can explain the relatively wide range of economic effects found in the different TTIP studies. We conclude that reasonable estimates of the welfare effects for the TTIP partners are between 0.5% and 2%.","PeriodicalId":346619,"journal":{"name":"ERN: Computable General Equilibrium Models (Topic)","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134500965","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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