| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP15387
|
| DP15387 Offshoring and Inflation |
| diego comin; Robert Johnson
|
| 发表日期 | 2020-10-19
|
| 出版年 | 2020
|
| 语种 | 英语
|
| 摘要 | Did trade integration suppress inflation in the United States? We say no, in contradiction to the conventional wisdom. Our answer leverages two basic facts about the rise of trade: offshoring accounts for a large share of it, and it was a long-lasting, phased-in shock. Incorporating these features into a New Keynesian model, we show trade integration was inflationary. This result continues to hold when we extend the model to account for US trade deficits, the pro-competitive effects of trade on domestic markups, and cross-sector heterogeneity in trade integration in a multisector model. Further, using the multisector model, we demonstrate that neither cross-sector evidence on trade and prices, nor aggregate time series price level decompositions are informative about the impact of trade on inflation. |
| 主题 | International Macroeconomics and Finance
; International Trade and Regional Economics
; Macroeconomics and Growth
; Monetary Economics and Fluctuations
|
| URL | https://cepr.org/publications/dp15387
|
| 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/544372
|
推荐引用方式
GB/T 7714 |
diego comin,Robert Johnson. DP15387 Offshoring and Inflation. 2020.
|
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
