Japan's oligopolies: Potential economy wide gains from structural reforms

Modeling long-term impacts of the COVID-19 pandemic and oil price declines on Gulf oil economies

“…This study also employs the economy-wide WAFRA Applied General Equilibrium (WAFRAGE) Model for Kuwait (WAFRAGE-KWT Model), developed by the author. Although this model's name is presented in this study for the first time, it builds on the research by Shehabi (2019 , 2020b , 2020c) and by Asano and Tyers (2015 , 2019) which explicitly represent oligopoly behavior and its regulations. The WAFRAGE-KWT Model embodies key features of the Kuwaiti economy (see Section 2.1 ).…”

Is Energy Subsidy Reform in an Oil-Exporting Small Economy Beneficial to Trade? Illustrations from Kuwait

“…The model represents oligopoly with behavioural structure from Shehabi (2017), based on Asano and Tyers (2019), which is based on earlier work by Tyers (2015), Gunasekera and Tyers (1990), Harris (1984), Horridge (1987), and Tyers (2005), and is similar to that of Devarajan and Rodrik (1991).…”

“…The government also makes direct transfers to the collective household, which can be set as exogenous in real terms and can be shocked, in which case one other fiscal variable must be made endogenous: the fiscal deficit, one of the tax rates, or government expenditure on goods and services. Therefore, the government transfer variable is exploited beyond the applications by Asano and Tyers (2019) by not setting the expenditures on transfers constant relative to the consumer price level.…”

“…Nevertheless, this study adopts a different government closure to mimic to the greatest extent possible the policy reform in Kuwait, where the cost of subsidy reform was borne by the households and not offset by transfer (welfare) payments to households or firms. To that end, the government transfer variable is exploited beyond the applications by Asano and Tyers (2019) by not setting the expenditures on transfers constant relative to the consumer price level.…”

“…This model builds upon much of the work done in Shehabi (2017), which builds on Asano and Tyers (2019) which represent oligopoly behaviour and its regulation explicitly.…”