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An Equilibrium Theory of Nominal Exchange Rates

Hagedorn, Marcus - 2021

This paper proposes an equilibrium theory of nominal exchange rates, which offers a new perspective on various issues … features of this theory are that the nominal exchange rate is determined in international financial markets, that the risk … from the nominal exchange rate. In terms of policy, this novel theory implies that a country with an exchange rate peg and …

Persistent link: https://www.econbiz.de/10013212261

A New Ricardian Model of Trade, Growth and Inequality

Marjit, Sugata - 2021

theory involving capital and labour without neo-classical assumptions. Interestingly the growth story of the model seems to …

Persistent link: https://www.econbiz.de/10013314959

Investment Rules and Time Invariance Under Population Growth

Asheim, Geir - 2020

We propose an adaptation of Hartwick's investment rule to models with population growth and show that following Hartwick's rule is equivalent to a time-invariant real per capita net national product. In the so-called DHSS model of capital accumulation and resource depletion the proposed...

Persistent link: https://www.econbiz.de/10012824585

Factor Substitution, Income Distribution, and Growth in a Generalized Neoclassical Model

Irmen, Andreas; Klump, Rainer - 2021

We analyze a generalized neoclassical growth model that combines a normalized CES production function and possible asymmetries of savings out of factor incomes. This generalized model helps to shed new light on a recent debate concerning the impact of factor substitution and income distribution...

Persistent link: https://www.econbiz.de/10013316692

The Neoclassical Growth of China

Fernández-Villaverde, Jesús; Ohanian, Lee E.; Yao, Wen - 2023

This paper studies China’s four-fold increase in per capita GDP relative to the U.S. between 1995 and 2019. First, we argue that China’s growth pattern is very similar to that of several other East Asia economies that initially grew very quickly. Second, we show that a minimalist...

Persistent link: https://www.econbiz.de/10014347723

Gravity Without Apology : The Science of Elasticities, Distance, and Trade

Carrère, Céline - 2020

Gravity as both fact and theory is one of the great success stories of recent research on international trade, and has … general-equilibrium system. Next, we point out some anomalies with the theory: mounting evidence against constant trade …

Persistent link: https://www.econbiz.de/10012839359

The Falling Elasticity of Global Trade to Economic Activity : Testing the Demand Channel

Auboin, Marc - 2018

Since the recovery from the great financial crisis in 2010, global real trade flows grew much slower than pre-crisis, in both absolute terms (growth rates) and relative terms (relative to GDP, from 2:1 in the great 1990’s to 1:1 since 2012) A debate has arisen as to whether this global trade...

Persistent link: https://www.econbiz.de/10012908674

Arming in the Global Economy : The Importance of Trade with Enemies and Friends

Garfinkel, Michelle R. - 2019

between enemies versus trade between friends to provide some evidence that is consistent with the theory …

Persistent link: https://www.econbiz.de/10012892081

Firms and Economic Performance : A View from Trade

Bonfiglioli, Alessandra - 2019

We use transaction-level US import data to compare firms from virtually all countries in the world competing in a single destination market. Guided by a simple theoretical framework, we decompose countries. market shares into the contribution of the number of firm-products, their average...

Persistent link: https://www.econbiz.de/10012892143

Monopsonistic Labor Markets and International Trade

Ranjan, Priya - 2019

This paper introduces a framework to study the impact of trade liberalization on wage inequality and welfare in the presence of monopsonistic labor markets. The interaction of firm heterogeneity in productivity with idiosyncratic preferences of workers for working at different firms generates...

Persistent link: https://www.econbiz.de/10012865167

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