| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17083 |
| DP17083 International Trade and Innovation Dynamics with Endogenous Markups | |
| Tom Schmitz | |
| 发表日期 | 2022-03-03 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Over the last decades, the United States has experienced a secular increase in market concentration and markups, as well as a doubling of the trade-to-GDP ratio. Our paper argues that these trends could be linked, pointing out an “innovation feedback effect” of trade. Lower trade costs increase innovation incentives for large global firms, and as the winners of the ensuing innovation races increase their technological advantage over global competitors and local firms, concentration and markups rise. To make this point formally, we develop a dynamic general equilibrium trade model with endogenous markups and endogenous innovation. We calibrate our model to US manufacturing data, and show that an increase in trade openness (consistent with the one observed between 1989 and 2007) increases the aggregate markup by 3.5 percentage points. This increase is entirely due to firms’ innovation response: without this response, markups would have fallen by 4 percentage points. |
| 主题 | International Trade and Regional Economics ; Macroeconomics and Growth |
| 关键词 | International trade Markups Innovation |
| URL | https://cepr.org/publications/dp17083 |
| 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/546048 |
| 推荐引用方式 GB/T 7714 | Tom Schmitz. DP17083 International Trade and Innovation Dynamics with Endogenous Markups. 2022. |
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