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Macroeconomic Imbalances: A Multiregional General Equilibrium Analysis

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  • David S. Kraybill
  • Thomas G. Johnson
  • David Orden

Abstract

This article analyzes regional and sectoral consequences of recent federal budget and trade deficits. A multiregional computable general equilibrium (MCGE) model is developed in which regions differ in technology, factor endowments, tax rates, government expenditure patterns, and trade relationships. An application to Virginia and the rest-of-the-United States indicates that traditional sectors (agriculture, forestry, basic wood products, mining, textiles, and apparel) bear a greater burden of adjustment to macroeconomic imbalances than do other sectors. The analysis demonstrates that seemingly aspatial national policies may shift the geographic distribution of national output and income.

Suggested Citation

  • David S. Kraybill & Thomas G. Johnson & David Orden, 1992. "Macroeconomic Imbalances: A Multiregional General Equilibrium Analysis," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 74(3), pages 726-736.
    • Handle: RePEc:oup:ajagec:v:74:y:1992:i:3:p:726-736.
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    Cited by:

    1. Rickman, Dan S., 1995. "A bayesian analysis of the use of pooled coefficients in a structural regional economic model," International Journal of Forecasting, Elsevier, vol. 11(3), pages 477-490, September.
    2. Adelar Fochezatto & Rosana Curzel, 2001. "Método de Obtenção da Matriz de Contabilidade Social Regional: Rio Grande do Sul, 1995," Anais do XXIX Encontro Nacional de Economia [Proceedings of the 29th Brazilian Economics Meeting] 083, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    3. Bilgic, Abdulbaki & King, Stephen A. & Lusby, Aaron K. & Schreiner, Dean F., 2002. "Estimates of U.S. Regional Commodity Trade Elasticities of Substitution," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 32(2), pages 1-20.
    4. repec:rri:wpaper:200611 is not listed on IDEAS
    5. Shields, Martin & Deller, Steven C. & Stallmann, Judith I., 2001. "Comparing The Impacts Of Retiree Versus Working-Age Families On A Small Rural Region: An Application Of The Wisconsin Economic Impact Modeling System," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 30(1), pages 1-12, April.
    6. Giesecke, James A. & Madden, John R., 2013. "Regional Computable General Equilibrium Modeling," Handbook of Computable General Equilibrium Modeling, in: Peter B. Dixon & Dale Jorgenson (ed.), Handbook of Computable General Equilibrium Modeling, edition 1, volume 1, chapter 0, pages 379-475, Elsevier.
    7. Mark D. Partridge & Dan S. Rickman, 1998. "Regional Computable General Equilibrium Modeling: A Survey and Critical Appraisal," International Regional Science Review, , vol. 21(3), pages 205-248, December.
    8. Hoffman, Sandra & Robinson, Sherman & Subramanian, Shankar, 1995. "The Role of Defense Cuts in the California Recession: Computable General Equilibrium Models and Interstate Factor Mobility," CUDARE Working Papers 201475, University of California, Berkeley, Department of Agricultural and Resource Economics.
    9. Neibergs, J. Shannon, 1998. "Macroeconomic Conditions And Agribusiness Profitability: An Analysis Using Pooled Data," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association, vol. 1(1), pages 1-15.
    10. G. Andrew Bernat, Jr. & Kenneth Hanson, 1995. "Regional Impacts Of Farm Programs: A Top-Down CGE Analysis," The Review of Regional Studies, Southern Regional Science Association, vol. 25(3), pages 331-350, Winter.
    11. David Holland, 2010. "What happens when exports expand: some ideas for closure of regional computable general equilibrium models," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 45(2), pages 439-451, October.
    12. David Holland & Abdul Razack, 2006. "Assessing the Economic Impact of an Agricultural Export Shock on the Washington Economy: A Tale of Two Models," Working Papers 2006-11, School of Economic Sciences, Washington State University.
    13. Chang K. Seung & David S. Kraybill, 2001. "The Effects of Infrastructure Investment: A Two-Sector Dynamic Computable General Equilibrium Analysis for Ohio," International Regional Science Review, , vol. 24(2), pages 261-281, April.
    14. Plassmann, Florenz, 2005. "The advantage of avoiding the Armington assumption in multi-region models," Regional Science and Urban Economics, Elsevier, vol. 35(6), pages 777-794, November.
    15. Hodjat Ghadimi, 2006. "An Optimal Depletion CGE Model: A Systematic Framework for Energy-Economy Analysis in Resource-based Economies," Working Papers Working Paper 2006-11, Regional Research Institute, West Virginia University.
    16. Peter G. McGregor & Eric P. McVittie & J. Kim Swales & Ya Ping Yin, 2000. "The Neoclassical Economic Base Multiplier," Journal of Regional Science, Wiley Blackwell, vol. 40(1), pages 1-31, February.

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