| This report documents an applied general equilibrium model of the United States. The model features explicit treatment of Federal, State, and local taxes and is segmented into 10 distinct subregions. These subregions engage in inter- and intraregional trade, as well as international trade. Each region is distinguished by its unique composition of industries, capital markets, and patterns of trade. Regional data developed for calibrating the model are discussed and several tax policy reform simulations demonstrate the modeling capabilities. |
