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Staggered Adjustment and Trade Dynamics

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Author Info

  • Samuel S. Kortum

    (University of Chicago)

  • Jonathan Eaton

    (Penn State University)

  • Costas Arkolakis

    (Yale University)

Abstract

We develop a theory of staggered adjustment dynamics in a perfect competition model of trade with a continuum of varieties. New technologies for each variety arrive at a constant rate. The consumer consumes a product produced with a certain technology until an exogenous shock arrives. This shock signals her to optimize among all producers from all the countries. The model delivers structural equations for the impact of past trade on current trade. We use the model to explore the gradual adjustment of trade due to changes in trade costs.

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Bibliographic Info

Paper provided by Society for Economic Dynamics in its series 2011 Meeting Papers with number 1322.

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Date of creation: 2011
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Handle: RePEc:red:sed011:1322

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Postal: Society for Economic Dynamics Christian Zimmermann Economic Research Federal Reserve Bank of St. Louis PO Box 442 St. Louis MO 63166-0442 USA
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Cited by:
  1. Scott Davis & Mario Crucini, 2013. "Distribution capital and the short- and long-run import demand elasticity," 2013 Meeting Papers 453, Society for Economic Dynamics.
  2. Doireann Fitzgerald & Stefanie Haller, 2014. "Exporters and Shocks: Dissecting the International Elasticity Puzzle," Working Papers 201408, School Of Economics, University College Dublin.
  3. Lewis, Logan T., 2014. "Menu Costs, Trade Flows, and Exchange Rate Volatility," International Finance Discussion Papers 1102, Board of Governors of the Federal Reserve System (U.S.).
  4. Jordi Mondria & Kunal Dasgupta, 2013. "International Trade with Inattentive Importers," 2013 Meeting Papers 1074, Society for Economic Dynamics.
  5. JaeBin Ahn & Alexander McQuoid, 2013. "Capacity Constrained Exporters: Micro Evidence and Macro Implications," Working Papers 1301, Florida International University, Department of Economics.

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