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Partial vs. General Equilibrium Analysis of Trade Policy Reform

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  • Hertel, Thomas W.

Abstract

A standard, multiregion general equilibrium (GE) model is developed and contrasted with typical partial equilibrium (PE) models of agricultural trade for two trade policy reform experiments. In the case of reforms affecting both food and nonfood sectors, the PE model has difficulty predicting changes in patterns of food production and trade. When the shock is sector-specific, however, PE models perform very well. In this case, the major benefit of GE analysis is its ability to draw the link between agricultural and nonagricultural interests in trade policy.

Suggested Citation

  • Hertel, Thomas W., 1992. "Partial vs. General Equilibrium Analysis of Trade Policy Reform," Journal of Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, vol. 44(3), pages 1-13.
    • Handle: RePEc:ags:uersja:137995
    DOI: 10.22004/ag.econ.137995
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    Citations

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    Cited by:

    1. Alexandre Gohin & GianCarlo Moschini, 2006. "Evaluating the Market and Welfare Impacts of Agricultural Policies in Developed Countries: Comparison of Partial and General Equilibrium Measures," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 28(2), pages 195-211.
    2. Brockmeier, Martina & Bektasoglu, Beyhan, 2014. "Model structure or data aggregation level: Which leads to greater bias of results?," Economic Modelling, Elsevier, vol. 38(C), pages 238-245.
    3. Isabelle Schluep Campo & Robert Jörin, 2009. "Liberalizing the Swiss Meat Market with the EU: Welfare Effects and Impacts on Third Countries," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 145(I), pages 107-126, March.
    4. Bektasoglu, Beyhan & Urban, Kirsten & Brockmeier, Martina, 2011. "Effects of Aggregation and Model Structure on Model Linkages," 51st Annual Conference, Halle, Germany, September 28-30, 2011 114721, German Association of Agricultural Economists (GEWISOLA).
    5. Fetzer, James J., 2005. "A Partial Equilibrium Approach of Modeling Vertical Linkages in the U.S. Flat Rolled Steel Market," Working Papers 15862, United States International Trade Commission, Office of Economics.

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    Keywords

    International Relations/Trade;

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