The Trans-Pacific-Partnership (TPP) trade agreement, if successfully implemented, will liberalize trade between the US, Japan and ten other Asia-Pacific economies, making it one of the largest regional agreements ever seen. The prospect of a comprehensive trade agreement spanning the Pacific...

This paper examines the historical record of eight recent free trade agreements (FTAs). It also investigates the predictive power of two popular quantitative world trade models-the single-equation gravity model and the multiequation computable general equilibrium (CGE) model-as applied to three...