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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

    as
    1. 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.
    2. 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.
    3. 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.
    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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