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The Declining Importance of Tradable Goods Manufacturing in Australia and New Zealand

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  • Ben Hunt
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    Abstract

    In this paper, the IMF''s new Global Economy Model (GEM) is used to estimate the contribution of unbalanced growth to the decline in the share of goods production in Australia and New Zealand. The simulation results suggest that faster productivity growth in the tradable goods sector in Australia, New Zealand, and their major trading partners accounts for a significant portion of the relative decline in the importance of goods production. Over the 1995 to 2004 period, unbalanced growth explains more than 80 percent of the decline in goods production in both countries.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=22582
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/16.

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    Length: 17
    Date of creation: 01 Jan 2009
    Date of revision:
    Handle: RePEc:imf:imfwpa:09/16

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    Related research

    Keywords: Capital goods; Productivity; Industrial production; Services sector; Economic growth; Economic models; Trade models; tradable goods; inflation; elasticity of substitution; price inflation; trading partners; relative price; monetary policy; domestic firms; trading partner; import prices; nominal interest rates; inflation rising; dynamic adjustment; open economies; nominal interest rate; import demand; international trade; relative prices; world exports; effective exchange rates; oil prices; balance of payments; macroeconomic performance; inflation targeting; tradable goods sectors; current account balance; rational expectations; nontradable goods; open economy; competitive pressures;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Rene Lalonde & Dirk Muir, 2007. "The Bank of Canada's Version of the Global Economy Model (BoC-GEM)," Technical Reports 98, Bank of Canada.
    2. Robert Rowthorn & Ken Coutts, 2004. "De-Industrialization And The Blance Of Payments In Advanced Economies," UNCTAD Discussion Papers 170, United Nations Conference on Trade and Development.
    3. Ronald Schettkat, 2007. "The Astonishing Regularity Of Service Employment Expansion," Metroeconomica, Wiley Blackwell, vol. 58(3), pages 413-435, 07.
    4. Ben Hunt, 2007. "U.K. Inflation and Relative Prices Over the Last Decade," IMF Working Papers 07/208, International Monetary Fund.
    5. Falvey, Rodney E & Gemmell, Norman, 1996. "Are Services Income-Elastic? Some New Evidence," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 42(3), pages 257-69, September.
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    Cited by:
    1. Razzak, Weshah, 2013. "An Empirical Study of Sectoral-Level Capital Investments in New Zealand," MPRA Paper 52461, University Library of Munich, Germany.

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