Attempting to use defineModel() in vue 3.4 using typescript gives a compilation error "TS2305: Module '"vue"' has no exported member 'mergeModels'."

Question

I am attempting to use defineModel in my application, as const model = defineModel(); with typescript, but I'm getting a compilation error

TS2305: Module '"vue"' has no exported member 'mergeModels'.

I have the following relevant packages:

"@typescript-eslint/eslint-plugin": "^6.16.0",
"@typescript-eslint/parser": "^6.16.0",
"@vue/compiler-sfc": "^3.4.0",
"ts-loader": "^9.5.1",
"typescript": "^4",
"vue": "^3.4.0",
"vue-loader": "^17.4.0",
"vue-template-compiler": "^2.7.16"

My tsconfig looks like this

{
    "compilerOptions": {
        "target": "es2022",
        "module": "es2022",
        "strict": true,
        "moduleResolution": "node16",
        "experimentalDecorators": true,
        "noUnusedLocals": false,
        "noUnusedParameters": false,
        "allowSyntheticDefaultImports": true,
        "baseUrl": "./",
        "paths": {
            "@classes*": ["resources/assets/js/classes*"],
            "@assets*": ["resources/assets*"],
            "@ziggy*": ["vendor/tightenco/ziggy*"],
            "@components*": ["resources/assets/js/components*"]
        },
        "jsx": "preserve",
        "noImplicitAny": false
    },
    "include": [
        "resources/assets/js/**/*"
    ]
}

I have tried deleting the node_modules folder and reinstalling