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Title:

Computable General Equilibrium Analysis of the Macroeconomic Impacts of Highway Investment in the United States: Application of the USAGE-Hwy Model

Accession Number:

01554338

Record Type:

Component

Availability:

Transportation Research Board Business Office

500 Fifth Street, NW
Washington, DC 20001 United States

Abstract:

This paper summarizes the initial results of a modeling effort to estimate the macroeconomic impacts of changes in highway investment projected by the Highway Economic Requirements System (HERS) model. The methodology centers on the joint use of HERS, a benefit-cost analysis tool for U.S. highway investment, and a computable general equilibrium model of the U.S. economy. HERS was applied to generate estimates of the profile of federal-aid highway investments across a thirty-year period, along with the associated impacts on highway transportation (e.g., travel time impacts, vehicle operating cost impacts, safety impacts). A new variant of the United States Applied General Equilibrium (USAGE) model was applied to use transformed HERS model outputs as USAGE model inputs. The central empirical analysis in the study involves a comparison of macroeconomic outcomes under a scenario with increased highway investment relative to a baseline under three alternative funding mechanisms. The paper reports a range of illustrative macroeconomic impacts projected in the USAGE analysis, including variations in impacts on employment, wages, net exports, real gross domestic product (GDP) and welfare from the base year (2010) through 2040. The paper concludes with a summary of implications and potential model improvements.

Supplemental Notes:

This paper was sponsored by TRB committee ABE20 Transportation Economics.

Monograph Accession #:

01550057

Report/Paper Numbers:

15-5103

Language:

English

Corporate Authors:

Transportation Research Board

500 Fifth Street, NW
Washington, DC 20001 United States

Authors:

Puckett, Sean M
Lee, Douglass B
Pickrell, Donald H
Price, Megan Ellis
Dixon, Peter B
Rimmer, Maureen

Pagination:

19p

Publication Date:

2015

Conference:

Transportation Research Board 94th Annual Meeting

Location: Washington DC, United States
Date: 2015-1-11 to 2015-1-15
Sponsors: Transportation Research Board

Media Type:

Digital/other

Features:

Figures; References; Tables

Geographic Terms:

United States

Subject Areas:

Economics; Highways; I10: Economics and Administration

Source Data:

Transportation Research Board Annual Meeting 2015 Paper #15-5103

Files:

TRIS, TRB, ATRI

Created Date:

Dec 30 2014 1:42PM