NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Pau S. Pujolas

Department of Economics
McMaster University
1280 Main Street West
Hamilton, Ontario L8S 4M4
Canada

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NBER Working Papers and Publications

September 2016Quantitative Trade Models: Developments and Challenges
with Timothy J. Kehoe, Jack Rossbach: w22706
Applied general equilibrium (AGE) models, which feature multiple countries, multiple industries, and input-output linkages across industries, have been the dominant tool for evaluating the impact of trade reforms since the 1980s. We review how these models are used to perform policy analysis and document their shortcomings in predicting the industry-level effects of past trade reforms. We argue that, to improve their performance, AGE models need to incorporate product-level data on bilateral trade relations by industry and better model how trade reforms lower bilateral trade costs. We use the least traded products methodology of Kehoe et al. (2015) to provide guidance on how improvements can be made. We provide further suggestions on how AGE models can incorporate recent advances in q...

Published: Timothy J. Kehoe & Pau S. Pujolàs & Jack Rossbach, 2017. "Quantitative Trade Models: Developments and Challenges," Annual Review of Economics, vol 9(1), pages 295-325. citation courtesy of

August 2016The Opportunity Costs of Entrepreneurs in International Trade
with Timothy J. Kehoe, Kim J. Ruhl: w22514
We show that a trade model with an exogenous set of heterogeneous firms with fixed operating costs has the same aggregate outcomes as a span-of-control model. Fixed costs in the heterogeneous-firm model are entrepreneurs’ forgone wage in the span-of-control model.

Published: Timothy J. Kehoe & Pau S. Pujolàs & Kim J. Ruhl, 2016. "The opportunity costs of entrepreneurs in international trade," Economics Letters, vol 146, pages 1-3. citation courtesy of

 
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