| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6678 |
| DP6678 Trading Population for Productivity: Theory and Evidence | |
| Oded Galor; Andrew Mountford | |
| 发表日期 | 2008-02-01 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Most analyses of the macroeconomic adjustment required to correct global imbalances ignore net exports of new varieties of goods and services and do not account for firms' net entry in the product market. In this paper we revisit the macroeconomics of trade adjustment in the context of the classic `transfer problem,' using a model where the set of exportables, importables and nontraded goods is endogenous. We show that exchange rate movements associated with adjustment are dramatically lower when the above features are accounted for, relative to traditional macromodels. We also find that, for reasonable parameterizations, consumption and employment (hence welfare) are not highly sensitive to product differentiation, and change little regardless of whether adjustment occurs through movements in relative prices or quantities. This result warns against interpreting the size of real depreciation associated with trade rebalancing as an index of macroeconomic distress. |
| 主题 | International Macroeconomics |
| 关键词 | Current account Extensive margin Global imbalances Transfer problem |
| URL | https://cepr.org/publications/dp6678 |
| 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/535515 |
| 推荐引用方式 GB/T 7714 | Oded Galor,Andrew Mountford. DP6678 Trading Population for Productivity: Theory and Evidence. 2008. |
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