| Autor: |
Kehoe, Timothy J., Ruhl, Kim J., Steinberg, Joseph B. |
| Předmět: |
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| Zdroj: |
Journal of Political Economy; Apr2018, Vol. 126 Issue 2, p961-796, 36p |
| Abstrakt: |
Since the early 1990s, as the United States borrowed heavily from the rest of the world, employment in the US goods-producing sector has fallen. We construct a dynamic general equilibrium model with several mechanisms that could generate declining goods-sector employment: foreign borrowing, nonhomothetic preferences, and differential productivity growth across sectors. We find that only 15.1 percent of the decline in goods-sector employment from 1992 to 2012 stems from US trade deficits; most of the decline is due to differential productivity growth. As the United States repays its debt, its trade balance will reverse, but goods-sector employment will continue to fall. [ABSTRACT FROM AUTHOR] |
| Databáze: |
Complementary Index |
| Externí odkaz: |
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