Dynamics of General Purpose Technologies in an Open Economy
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.
Volume (Year): 50 (2009)
Issue (Month): 2 (December)
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