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Dynamics of General Purpose Technologies in an Open Economy

Author

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  • Chung, Jaiho
  • Hwang, Joon Ho

Abstract

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.

Suggested Citation

  • Chung, Jaiho & Hwang, Joon Ho, 2009. "Dynamics of General Purpose Technologies in an Open Economy," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 50(2), pages 87-98, December.
    • Handle: RePEc:hit:hitjec:v:50:y:2009:i:2:p:87-98
    DOI: 10.15057/18048
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    References listed on IDEAS

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    1. Maurice Obstfeld & Kenneth S. Rogoff, 1996. "Foundations of International Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262150476, December.
    2. Kenneth I. Carlaw & Richard G. Lipsey, 2006. "Gpt-Driven, Endogenous Growth," Economic Journal, Royal Economic Society, vol. 116(508), pages 155-174, January.
    3. Jovanovic, Boyan & Rousseau, Peter L., 2005. "General Purpose Technologies," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 18, pages 1181-1224, Elsevier.
    4. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 71-102, October.
    5. Dornbusch, Rudiger & Fischer, Stanley & Samuelson, Paul A, 1977. "Comparative Advantage, Trade, and Payments in a Ricardian Model with a Continuum of Goods," American Economic Review, American Economic Association, vol. 67(5), pages 823-839, December.
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    Cited by:

    1. Petsas Iordanis, 2015. "General Purpose Technologies and their Implications for International Trade," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 47(1), pages 7-35, September.

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    Keywords

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    JEL classification:

    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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