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R Meets GEMPACK for a Monte Carlo Walk

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  • Nelson B. Villoria

Abstract

This paper discusses two R functions for reading the output of GEMPACK-based CGE models into R. We highlight the potential of coupling GEMPACK and R by conducting systematic sensitivity analysis of model results using Monte Carlo experiments. We also show how R can enhance the analysis of CGE results by allowing for formal hypothesis testing of the effects of policies which outcome depends on stochastic shocks.

Suggested Citation

  • Nelson B. Villoria, 2017. "R Meets GEMPACK for a Monte Carlo Walk," Journal of Global Economic Analysis, Center for Global Trade Analysis, Department of Agricultural Economics, Purdue University, vol. 2(2), pages 128-154, December.
    • Handle: RePEc:gta:jnlgea:v:2:y:2017:i:2:p:128-154
    DOI: http://dx.doi.org/10.21642/JGEA.020204AF
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    References listed on IDEAS

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    1. Nelson Benjamin Villoria & Elliot Wamboka Mghenyi, 2017. "The Impacts of India's Food Security Policies on South Asian Wheat and Rice Markets," The World Bank Economic Review, World Bank, vol. 31(3), pages 730-746.
    2. Nelson B Villoria & Paul V Preckel, 2017. "Gaussian Quadratures vs. Monte Carlo Experiments for Systematic Sensitivity Analysis of Computable General Equilibrium Model Results," Economics Bulletin, AccessEcon, vol. 37(1), pages 480-487.
    3. Jeffrey J. Reimer, 2007. "Assessing Global Computable General Equilibrium Model Validity Using Agricultural Price Volatility," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 89(2), pages 383-397.
    4. Thomas W. Hertel & Will Martin & Amanda M. Leister, 2010. "Potential Implications of a Special Safeguard Mechanism in the World Trade Organization: the Case of Wheat," The World Bank Economic Review, World Bank, vol. 24(2), pages 330-359, August.
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