| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7191 |
| DP7191 The productivity advantages of large cities: Distinguishing agglomeration from firm selection | |
| Gilles Gilles Duranton; Pierre-Philippe Combes; Diego Puga; Laurent Gobillon; Sébastien Roux | |
| 发表日期 | 2009-03-01 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | Estimates of the elasticity of substitution between domestic and foreign varieties are small in macroeconomic data, and substantially larger in disaggregated studies. This may be an artifact of heterogeneity. We use disaggregated multilateral trade data to structurally identify elasticities of substitution in US goods. We spell out a partial equilibrium model to aggregate them adequately at the country level. We compare aggregate elasticities that impose equality across sectors, to estimates allowing for heterogeneity. The former are similar in value to conventional macroeconomic estimates; but they are more than twice larger -up to 7- with heterogeneity. The parameter is central to calibrated models in most of international economics. We discuss the difference our corrected estimate makes in various areas of international economics, including the dynamics of external balances, the international transmission of shocks, international portfolio choice and optimal monetary policy. |
| 主题 | International Macroeconomics ; International Trade and Regional Economics |
| 关键词 | Aggregation Calibration Global imbalances International portfolio International transmission monetary policy Trade elasticities |
| URL | https://cepr.org/publications/dp7191 |
| 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/536028 |
| 推荐引用方式 GB/T 7714 | Gilles Gilles Duranton,Pierre-Philippe Combes,Diego Puga,et al. DP7191 The productivity advantages of large cities: Distinguishing agglomeration from firm selection. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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