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Dynamic Adjustments to Terms of Trade Shocks: The USA Productivity Boom and Australia

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Author Info
Richard G. Harris () (Department of Economics, Simon Fraser University)
Peter E. Robertson () (School of Economics, The University of New South Wales)

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Abstract

How has the USA’s “new economy” productivity boom affected Australia? We consider this question using a dynamic multi-sector growth model of the Australian and USA economies. We find that productivity growth in the USA durables sector generates small but important gains to Australia. We find that the transmission of growth is generated through increased export demand for Agriculture. Consequently we find that the USA’s productivity growth tends to favour Australia’s traditional export sectors. Likewise it increases the relative demand for less skilled labour in Australia and reduces the demand for skilled labour and higher education.

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File URL: http://wwwdocs.fce.unsw.edu.au/economics/Research/WorkingPapers/2007_16.pdf
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Paper provided by School of Economics, The University of New South Wales in its series Discussion Papers with number 2007-16.

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Length: 31 pages
Date of creation: Jun 2007
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Handle: RePEc:swe:wpaper:2007-16

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Related research
Keywords: Terms of Trade; Productivity; Economic Growth; Human Capital; Computable General Equilibrium Models;

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  1. Dean Parham, 2004. "Sources of Australia's Productivity Revival," The Economic Record, The Economic Society of Australia, vol. 80(249), pages 239-257, 06. [Downloadable!] (restricted)
  2. Per Krusell & Lee E. Ohanian & Jose-Victor Rios-Rull & Giovanni L. Violante, 1997. "Capital-skill complementarity and inequality: a macroeconomic analysis," Staff Report 239, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  3. Eaton, Jonathan & Kortum, Samuel, 2001. "Trade in capital goods," European Economic Review, Elsevier, vol. 45(7), pages 1195-1235. [Downloadable!] (restricted)
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  4. Dew-Becker, Ian & Gordon, Robert J, 2005. "Where did the Productivity Growth Go? Inflation Dynamics and the Distribution of Income," CEPR Discussion Papers 5419, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  5. Bart van Ark & Robert Inklaar & Robert H. McGuckin, 2003. "The Contribution of ICT-Producing and ICT-Using Industries to Productivity Growth: A Comparison of Canada, Europe and the United States," International Productivity Monitor, Centre for the Study of Living Standards, vol. 6, pages 56-63, Spring. [Downloadable!]
  6. Dale W. Jorgenson & Kevin J. Stiroh, 2000. "Raising the Speed Limit: US Economic Growth in the Information Age," OECD Economics Department Working Papers 261, OECD, Economics Department. [Downloadable!]
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  7. Greenwood, Jeremy & Hercowitz, Zvi & Krusell, Per, 1997. "Long-Run Implications of Investment-Specific Technological Change," American Economic Review, American Economic Association, vol. 87(3), pages 342-62, June. [Downloadable!] (restricted)
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  8. Barry Eichengreen, 2004. "Productivity Growth, the New Economy, and Catching Up," Review of International Economics, Blackwell Publishing, vol. 12(2), pages 243-245, 05. [Downloadable!] (restricted)
  9. J. Bradford DeLong & Lawrence H. Summers, 1992. "Equipment Investment and Economic Growth: How Strong Is the Nexus?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 23(1992-2), pages 157-212. [Downloadable!]
  10. Karnit Flug & Zvi Hercowitz, 1996. "Equipment Investment and the Relative Demand for Skilled Labor: International Evidence," RES Working Papers 4042, Inter-American Development Bank, Research Department. [Downloadable!]
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  11. William D. Nordhaus, 2001. "Productivity Growth and the New Economy," NBER Working Papers 8096, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  12. Lee, Jong-Wha, 1995. "Capital goods imports and long-run growth," Journal of Development Economics, Elsevier, vol. 48(1), pages 91-110, October. [Downloadable!] (restricted)
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  13. Restuccia, Diego & Urrutia, Carlos, 2001. "Relative prices and investment rates," Journal of Monetary Economics, Elsevier, vol. 47(1), pages 93-121, February. [Downloadable!] (restricted)
  14. Ian Dew-Becker & Robert J. Gordon, 2005. "Where Did Productivity Growth Go? Inflation Dynamics and the Distribution of Income," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 36(2005-2), pages 67-150. [Downloadable!]
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