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This book is for people who want to understand modern trade theory,
particularly the Melitz model. It lays out Melitz theory from first
principles and relates it to earlier theories of Armington and
Krugman. For trade theory specialists, the book produces some
significant conclusions. It identifies conditions under which
Krugman and Melitz models produce essentially the same results for
the welfare effects of trade liberalization as those obtained from
Armington, and conditions under which this is not true. These
findings will be of interest to academics and policy advisors who
need to understand critiques of Armington by proponents of Krugman
and Melitz. For computable general equilibrium (CGE) modelers, the
book shows how Melitz-style CGE models can be calibrated, solved
and interpreted. A major practical contribution of the book is to
show how large-scale Armington models such as GTAP can be converted
to Melitz by the addition of a small number of equations and
minimal alteration of the original Armington model. The book
describes computational experience in solving Melitz CGE models
using GEMPACK software. This experience will be of interest to
researchers currently attempting to solve Melitz-based CGE models.
Almost all previous Melitz studies have used GAMS software. Authors
of these studies have reported computational difficulties. These
difficulties did not occur in this book's GEMPACK-based
computations. The book concludes that: (a) CGE modelers can embrace
Melitz while retaining their Armington-based models as powerful
interpretive devices; and (b) via GEMPACK, large-scale CGE models
incorporating Melitz specifications can be solved with no more
difficulty than similar-dimensioned Armington models.
This book is for people who want to understand modern trade theory,
particularly the Melitz model. It lays out Melitz theory from first
principles and relates it to earlier theories of Armington and
Krugman. For trade theory specialists, the book produces some
significant conclusions. It identifies conditions under which
Krugman and Melitz models produce essentially the same results for
the welfare effects of trade liberalization as those obtained from
Armington, and conditions under which this is not true. These
findings will be of interest to academics and policy advisors who
need to understand critiques of Armington by proponents of Krugman
and Melitz. For computable general equilibrium (CGE) modelers, the
book shows how Melitz-style CGE models can be calibrated, solved
and interpreted. A major practical contribution of the book is to
show how large-scale Armington models such as GTAP can be converted
to Melitz by the addition of a small number of equations and
minimal alteration of the original Armington model. The book
describes computational experience in solving Melitz CGE models
using GEMPACK software. This experience will be of interest to
researchers currently attempting to solve Melitz-based CGE models.
Almost all previous Melitz studies have used GAMS software. Authors
of these studies have reported computational difficulties. These
difficulties did not occur in this book's GEMPACK-based
computations. The book concludes that: (a) CGE modelers can embrace
Melitz while retaining their Armington-based models as powerful
interpretive devices; and (b) via GEMPACK, large-scale CGE models
incorporating Melitz specifications can be solved with no more
difficulty than similar-dimensioned Armington models.
The "Contributions to Economic Analysis" series consists of a
number of previously unpublished studies. The term economic
analysis is used because it covers the activities of the
theoretical economist and the research worker.
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