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Varieties and imbalances: the extensive margins of the current account adjustment

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  • Philippe Martin

    (Paris School of Economics, University of Paris 1 Panthéon-Sorbonne)

  • Paolo Pesenti

    (Federal Reserve Bank of New York)

  • Giancarlo Corsetti

    (European University Institute)

Abstract

are accounted for, relative to traditional macromodels. We also find that, for reasonable parameterizations, consumption and employment (hence welfare) are not highly sensitive to product differentiation, and change little regardless of whether adjustment occurs through movements in relative prices or quantities. This result warns against interpreting the size of real depreciation associated with trade rebalancing as an index of macroeconomic distress.

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Bibliographic Info

Paper provided by Society for Economic Dynamics in its series 2008 Meeting Papers with number 605.

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Date of creation: 2008
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Handle: RePEc:red:sed008:605

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  1. Andrea Ferrero & Mark Gertler & Lars E. O. Svensson, 2007. "Current Account Dynamics and Monetary Policy," NBER Chapters, in: International Dimensions of Monetary Policy, pages 199-244 National Bureau of Economic Research, Inc.
  2. David Weinstein & Christian Broda, 2004. "Globalization and the Gains from Variety," Econometric Society 2004 North American Summer Meetings 508, Econometric Society.
  3. Hamid Faruqee & Douglas Laxton & Dirk Muir & Paolo Pesenti, 2005. "Smooth landing or crash? model based scenarios of global current account rebalancing," Proceedings, Board of Governors of the Federal Reserve System (U.S.).
  4. Robert Dekle & Jonathan Eaton & Samuel Kortum, 2007. "Unbalanced Trade," NBER Working Papers 13035, National Bureau of Economic Research, Inc.
  5. Christian Broda & David E. Weinstein, 2007. "Product Creation and Destruction: Evidence and Price Implications," NBER Working Papers 13041, National Bureau of Economic Research, Inc.
  6. Timothy J. Kehoe & Kim J. Ruhl, 2013. "How Important Is the New Goods Margin in International Trade?," Journal of Political Economy, University of Chicago Press, vol. 121(2), pages 358 - 392.
  7. Rauch, James E., 1999. "Networks versus markets in international trade," Journal of International Economics, Elsevier, vol. 48(1), pages 7-35, June.
  8. Jordi Gali & Mark J. Gertler, 2007. "Introduction to "International Dimensions of Monetary Policy"," NBER Chapters, in: International Dimensions of Monetary Policy, pages 1-10 National Bureau of Economic Research, Inc.
  9. Brakman,Steven & Marrewijk,Charles van, 1998. "The Economics of International Transfers," Cambridge Books, Cambridge University Press, number 9780521572149, April.
  10. Shang-Jin Wei & Jiandong Ju, 2008. "Current Account Adjustment: Some New Theory and Evidence," 2008 Meeting Papers 851, Society for Economic Dynamics.
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Cited by:
  1. Vahagn Galstyan & Philip R. Lane, 2008. "External Imbalances and the Extensive Margin of Trade," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 37(3), pages 241-257, November.

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