Macroeconomic Imbalances: A Multiregional General Equilibrium Analysis

摘要: This article analyzes regional and sectoral consequences of recent federal budget trade deficits. A multiregional computable general equilibrium (MCGE) model is developed in which regions differ technology, factor endowments, tax rates, government expenditure patterns, relationships. An application to Virginia the rest-of-the-United States indicates that traditional sectors (agriculture, forestry, basic wood products, mining, textiles, apparel) bear a greater burden adjustment macroeconomic imbalances than do other sectors. The analysis demonstrates seemingly aspatial national policies may shift geographic distribution output income.