- Joint Program Technical Note
This technical note describes an integrated model of US and world trade as well as the assumptions embedded in the creation of the underlying benchmark dataset required for its calibration. Such a model allows for general equilibrium analysis requiring both a US and a global scale. The model has potential uses in a variety of policy-relevant fields in which international trade plays a role. By tracking bilateral trade between states and countries, one can explicitly predict the effects of a trade restricting or trade facilitating policy on a specific state or region of the US. Distributional effects can also be investigated thanks to the inclusion of different household classes and government agents.