%0 Journal Article %A Walmsley, Terrie L. %D 2017 %T Long Run Simulations of GTAP: Initial Results for APEC in a Horridge-Style Closure %U https://bridges.monash.edu/articles/journal_contribution/Long_Run_Simulations_of_GTAP_Initial_Results_for_APEC_in_a_Horridge-Style_Closure/5089987 %R 10.4225/03/59389aeb3db58 %2 https://ndownloader.figshare.com/files/8627935 %K 1959.1/36392 %K monash:7000 %K 1997 %X In static applied general equilibrium models, the exogenous/endogenous split between variables or closure is used to alter the time frame over which the effects of a shock are simulated. Currently, the Global Trade Analysis Project (GTAP) Model (Hertel and Tsigas, 1997) has two closures: a short run and a medium run closure. This paper introduces a simple long run closure for the GTAP model and uses this closure to simulate and compare the short, medium and long run effects of Asia-Pacific Trade Liberalisation. As well 'isolation closures' are defined which allows the change in a region's terms of trade to be partitioned into a component due to changed external trading conditions and a component due to that region's endogenous reaction to these conditions. %I Monash University