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The World Trade Organization forecasts that the volume of global trade will in 2009 exhibit its biggest contraction since World War II. This large drop in international trade is generating significant attention and concern. Given the severity of the current global recession, is international...
Persistent link: https://www.econbiz.de/10011080727
Global trade fell 20 percent relative to world GDP during the global recession of 2008-2009. We develop a dynamic multi-country general equilibrium model of international trade to investigate the sources of this collapse. Our framework provides a complete accounting for what happened to...
Persistent link: https://www.econbiz.de/10011240627
The ratio of global trade to GDP declined by nearly 30 percent during the global recession of 2008-2009. This large drop in international trade has generated significant attention and concern. Did the decline simply reflect the severity of the recession for traded goods industries? Or...
Persistent link: https://www.econbiz.de/10008672352
Persistent link: https://www.econbiz.de/10005513087
Persistent link: https://www.econbiz.de/10005393745
We develop a theory of staggered adjustment dynamics in a perfect competition model of trade with a continuum of varieties. New technologies for each variety arrive at a constant rate. The consumer consumes a product produced with a certain technology until an exogenous shock arrives. This shock...
Persistent link: https://www.econbiz.de/10011081513
The ratio of global trade to GDP declined by nearly 30 percent during the global recession of 2008-2009. This large drop in international trade has generated significant attention and concern. Did the decline simply reflect the severity of the recession for traded goods industries? Or...
Persistent link: https://www.econbiz.de/10011124025
Persistent link: https://www.econbiz.de/10005527693
We consider the interaction of trade and technology diffusion in a two-region model of innovation and imitation. We find that globalization, either in the form of lower trade barriers or in faster diffusion of technology between innovator and imitator spurs innovation, benefiting both regions.
Persistent link: https://www.econbiz.de/10005482006
Persistent link: https://www.econbiz.de/10005445331