| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2979 |
| DP2979 Labour Market Reform and Monetary Policy in EMU: Do Asymmetries Matter? | |
| Andrew Hughes Hallett; Nicola Viegi | |
| 发表日期 | 2001-09-29 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | We show that even in the absence of diminishing returns in production and technological spillovers, international trade leads to a stable world income distribution. This is because specialization and trade introduce de facto diminishing returns ? countries that accumulate capital faster than average experience declining export prices, depressing the rate of return to capital and discouraging further accumulation. Because of diminishing returns to capital accumulation at the country level, the cross-sectional behaviour of the world economy is similar to that of existing exogenous growth models. Cross-country variation in economic policies, savings and technology translate into cross-country variation in incomes, and country dynamics exhibit conditional convergence as in the Solow-Ramsey model. The dispersion of the world income distribution is determined by the forces that shape the strength of the terms of trade effects ? the degree of openness to international trade and the extent of specialization. Finally, we provide evidence that countries accumulating faster experience a worsening in their terms of trade. Our estimates imply that, all else equal, a 1% faster growth is associated with approximately a 0.7% decline in the terms of trade. |
| 主题 | International Macroeconomics ; International Trade and Regional Economics |
| 关键词 | Cross-country income differences Endogenous growth International trade Specialization Terms of trade effects |
| URL | https://cepr.org/publications/dp2979 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532010 |
| 推荐引用方式 GB/T 7714 | Andrew Hughes Hallett,Nicola Viegi. DP2979 Labour Market Reform and Monetary Policy in EMU: Do Asymmetries Matter?. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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