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A General-Equilibrium Intertemporal Model of an Open Economy

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  • Chipman, John S
  • Tian, Guoqiang

Abstract

This paper develops a very general (general-equilibrium) intertemporal model of a country engaged.in international trade which can be used to address a wide variety of issues of interest in particular, econometric application--under the assumption that prices of tradable commodities (consumer goods and capital goods) and the interest rate are exogenous to the country. It allows for an arbitrarily large number of commodities which are distinguished into seven categories and for finite or infinite periods of time. This model can be used to draw various policy conclusions. We investigate how current net imports, the balance of payments on current account, current consumption expenditure, next-period bondholdings, current wealth, and current internal prices will react to exogenous changes in current external prices, the current interest rate, current taxes, current factor endowments, and current-period bondholdings. This paper also considers the integrability of net-import demand functions.

Suggested Citation

  • Chipman, John S & Tian, Guoqiang, 1992. "A General-Equilibrium Intertemporal Model of an Open Economy," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 2(2), pages 215-246, April.
    • Handle: RePEc:spr:joecth:v:2:y:1992:i:2:p:215-46
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    Cited by:

    1. Thijs ten Raa & Pierre Mohnen, 2009. "The Location of Comparative Advantages on the Basis of Fundamentals Only," World Scientific Book Chapters, in: Input–Output Economics: Theory And Applications Featuring Asian Economies, chapter 23, pages 425-446, World Scientific Publishing Co. Pte. Ltd..
    2. Moledina, Amyaz A. & Roe, Terry L., 2000. "Exploring The Transmission Of International And Domestic Economic Shocks To U.S. Agriculture," 2000 Annual meeting, July 30-August 2, Tampa, FL 21751, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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