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Global Imbalances The Role of Non-Tradabletotal Factor Productivity in Advanced Economies

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...

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Bibliographic Details
Main Author: Rebucci, Alessandro
Other Authors: Batini, Nicoletta, Cova, Pietro, Pisani, Massimiliano
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2009
Series:IMF Working Papers
Subjects:
Balance Of Trade
Productivity
Cost
Capital And Total Factor Productivity
Real Effective Exchange Rates
Production
Industrial Productivity
Trade Deficits
Trade Balance
Currency
Exports And Imports
International Economics
Total Factor Productivity
Macroeconomics: Production
Foreign Exchange
International Trade
Macroeconomics
Capacity
Empirical Studies Of Trade
Production And Operations Management
United States
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary: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
Physical Description:39 pages
ISBN:9781451872101

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