Code for “Energy Prices and the Expansion of World Trade”


The file includes two worksheets.

“FIG2DATA” contains the data series used in Figure 2. The sources and construction are given in the data appendix of the paper.

“CALIBRATE” contains the calibration exercise. Calibration moments and parameters are entered at the top of the sheet next to their label. The sigma parameter is calculated by entering the Armington elasticity in the “elasticity” field. The sheet generates the model outputs: Baseline model quantities, the “no energy shocks” and “tariffs only” counterfactual model quantities and price of transportation (pT) adjusted to account for weighting and inland leg adjustments. The data inputs (energy prices, fuel share and tariffs) are described in the data appendix. The RMSE statistics are reported at the end of the “error analysis” series.