Global Imbalances : The Role of Non-TradableTotal Factor Productivity in Advanced Economies.
Title:
Global Imbalances : The Role of Non-TradableTotal Factor Productivity in Advanced Economies.
Author:
Rebucci, Alessandro.
ISBN:
9781451916454
Personal Author:
Physical Description:
1 online resource (41 pages)
Series:
IMF Working Papers
Contents:
Contents -- I. Introduction -- II. Methodology -- A. Mode, Calibration, and Solution -- B. TFP Paths -- III. Results -- IV. Conclusions -- References -- Tables -- 1. Annual Average Total Factor Productivity Growth by Sector and Country -- Figures -- 1. Global Merchandise Trade Balances -- 2. Total Factor Productivity Paths -- 3. Actual and Simulated U.S. Trade Balance -- 4. Actual versus Simulated Trade Balances -- 5. Actual and Simulated U.S. Real Effective Exchange Rate.
Abstract:
This paper investigates the role played by total factor productivity (TFP) in the tradable and nontradable sectors of the United States, the euro area, and Japan in the emergence and evolution of today's global trade imbalances. Simulation results based on a dynamic general equilibrium model of the world economy, and using the EU KLEMS database, indicate that TFP developments in these economies can account for a significant fraction of the total deterioration in the U.S. trade balance since 1999, as well as account for some the surpluses in the euro area and Japan. Differences in TFP developments across sectors can also partially explain the evolution of the real effective value of the U.S. dollar during this period.
Local Note:
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
Genre:
Electronic Access:
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