Table D1.
Closures used in Baseline
| Variable in model (originally endogenous, becomes exogenous) | Description | Variable in model used for swap (originally exogenous, becomes endogenous) | Description |
|---|---|---|---|
| GDP | |||
| qgdp(REG) | Real GDP | afereg(REG) (GDyn variable) | Productivity on factors of production |
| Investment | |||
|
sqcgdsreg(“all regions but last one”) (GDyn variable) qcgds(r) = sqcgdsreg(r) + sqcgdsworld |
Shift variables in GDyn for fixing investment. When sqcgdsreg(r) fixed, investment is fixed. Sqcgdsworld is fixed in the standard closure. | SDRORT(“all regions but last one”) (GDyn variable) | Risk premium in GDyn (similar to cgdslack in GTAP) |
| sqcgdsreg(“last region”) (GDyn variable) | Shift variable related to investment for the last region25 | dpsavewld (not in GTAP) | Global savings adjustment that alters dpave. dpsave(r) = dpsaveshift(r) + dpsavewld |
| Government spending | |||
| yg(REG) | Government spending | dpgov(REG) | Distribution parameter on government spending |