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Labor Hoarding, Inflexible Prices, and Procyclical Productivity

Rotemberg, Julio J. - 1988

Hall has pointed out that, when there is perfect competition and price flexibility, labor hoarding alone will not induce the Solow residual measured using labor's share in revenues to be procyclical. We show that, even with perfect competition, a small amount of price rigidity - we assume firms...

Persistent link: https://www.econbiz.de/10012476463

A Monetary Equilibrium Model with Transactions Costs

Rotemberg, Julio J. - 1982

This paper presents the competitive equilibrium of an economy in which people hold money for transactions purposes. It studies both the steady states which result from different rates of monetary expansion and the effects of such non-steady state events as an open market operation. Even though...

Persistent link: https://www.econbiz.de/10012478127

Outsourcing in a Global Economy

Grossman, Gene M. - 2002

We study the determinants of the location of sub-contracted activity in a general equilibrium model of outsourcing and trade. We model outsourcing as an activity that requires search for a partner and relationship-specific investments that are governed by incomplete contracts. The extent of...

Persistent link: https://www.econbiz.de/10012469987

Measuring the Gains from Trade under Monopolistic Competition

Feenstra, Robert C. - 2009

Three sources of gains from trade under monopolistic competition are: (i) new import varieties available to consumers; (ii) enhanced efficiency as more productive firms begin exporting and less productive firms exit; (iii) reduced markups charged by firms due to import competition. The first...

Persistent link: https://www.econbiz.de/10012463056

Income Distribution, Product Quality, and International Trade

Fajgelbaum, Pablo D. - 2009

We develop a framework for studying trade in vertically and horizontally differentiated products. In our model, consumers with heterogeneous incomes and tastes purchase a homogeneous good as well as making a discrete choice of quality and variety of a differentiated product. The distribution of...

Persistent link: https://www.econbiz.de/10012463321

Measuring the Welfare Effect of Quality Change : Theory and Application of Japanese Autos

Feenstra, Robert C. - 1993

The purpose of this paper is to identify conditions under which hedonic price indexes provide an exact measure of consumer welfare, so that the welfare effects of quality change can be inferred. Our results are quite positive in providing a rational for existing practices, though the conditions...

Persistent link: https://www.econbiz.de/10012474550

Growth and Welfare in A Small Open Economy

Grossman, Gene M. - 1989

We construct a model of growth based on endogenous technological change in a small, open economy. Entrepreneurs develop new intermediate products whenever the present value of potential profits exceeds the cost of R&D. Diversity of intermediates contributes to total factor productivity in the...

Persistent link: https://www.econbiz.de/10012476078

Tariff Reductions, Entry, and Welfare : Theory and Evidence for the Last Two Decades

Caliendo, Lorenzo - 2015

In a standard multi-sector, heterogeneous-firm trade model the effect of tariffs on entry, especially in the presence of production linkages, can reverse the traditional positive optimal-tariff argument. We construct and employ a new, large, disaggregated tariff dataset and then apply a...

Persistent link: https://www.econbiz.de/10012456903

The impact of international trade on wages

Feenstra, Robert C. (ed.) - 2000

an increasing share of available income, while low-skilled workers have seen an absolute decline in real wages. How and … escalation of high-skill wages. This collection brings together innovative new ideas and data sources in order to provide more … on U.S. wages. This timely volume offers a thorough appraisal of the wage distribution predicament, examining the …

Persistent link: https://www.econbiz.de/10001433753

Dynamics of Markups, Concentration and Product Span

Helpman, Elhanan - 2020

We develop a model with a finite number of multi-product firms that populate an industry together with a continuum of single product firms, and study the dynamics of this industry that arises from investments in the invention of new products. Consistent with the available evidence, the model...

Persistent link: https://www.econbiz.de/10012481584

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