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Dynamics of General Purpose Technologies in an Open Economy

  • Chung, Jaiho
  • Hwang, Joon Ho
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    While the Helpman-Trajtenberg model is successful in explaining the macroeconomic cycle generated by GPT in the context of a closed economy, open-economy implications regarding GPT have received scant attention. We seek to fill such void in the previous literature by developing a dynamic North-South trade model with GPT. Our major findings are : 1) the introduction of GPT causes a product cycle from the North to the South followed by a reverse product cycle from the South to the North; 2) the presence of trading partner can cushion the macroeconomic shock experienced by the North.

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    File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/18048/1/HJeco0500200870.pdf
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    Article provided by Hitotsubashi University in its journal Hitotsubashi Journal of Economics.

    Volume (Year): 50 (2009)
    Issue (Month): 2 (December)
    Pages: 87-98

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    Handle: RePEc:hit:hitjec:v:50:y:2009:i:2:p:87-98
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    1. Kenneth I. Carlaw & Richard G. Lipsey, 2006. "Gpt-Driven, Endogenous Growth," Economic Journal, Royal Economic Society, vol. 116(508), pages 155-174, 01.
    2. Paul M Romer, 1999. "Endogenous Technological Change," Levine's Working Paper Archive 2135, David K. Levine.
    3. Peter L. Rousseau & Boyan Jovanovic, 2004. "General Purpose Technologies," 2004 Meeting Papers 103, Society for Economic Dynamics.
    4. R. Dornbusch & S. Fischer & P. A. Samuelson, 1976. "Comparative Advantage, Trade and Payments in a Ricardian Model With a Continuum of Goods," Working papers 178, Massachusetts Institute of Technology (MIT), Department of Economics.
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