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The Declining Importance of Tradable Goods Manufacturing in Australia and New Zealand; How Much Can Growth Theory Explain?

  • Ben Hunt
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    In this paper, the IMF's new Global Economy Model (GEM) is used to estimate the contribution of unbalanced growth to the decline in the share of goods production in Australia and New Zealand. The simulation results suggest that faster productivity growth in the tradable goods sector in Australia, New Zealand, and their major trading partners accounts for a significant portion of the relative decline in the importance of goods production. Over the 1995 to 2004 period, unbalanced growth explains more than 80 percent of the decline in goods production in both countries.

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    Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/16.

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    Length: 17
    Date of creation: 01 Jan 2009
    Date of revision:
    Handle: RePEc:imf:imfwpa:09/16
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    1. Rene Lalonde & Dirk Muir, 2007. "The Bank of Canada's Version of the Global Economy Model (BoC-GEM)," Technical Reports 98, Bank of Canada.
    2. Ben Hunt, 2007. "U.K. Inflation and Relative Prices Over the Last Decade; How Important Was Globalization?," IMF Working Papers 07/208, International Monetary Fund.
    3. Robert Rowthorn & Ken Coutts, 2004. "De-Industrialization And The Blance Of Payments In Advanced Economies," UNCTAD Discussion Papers 170, United Nations Conference on Trade and Development.
    4. Falvey, Rodney E & Gemmell, Norman, 1996. "Are Services Income-Elastic? Some New Evidence," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 42(3), pages 257-69, September.
    5. Ronald Schettkat, 2007. "The Astonishing Regularity Of Service Employment Expansion," Metroeconomica, Wiley Blackwell, vol. 58(3), pages 413-435, 07.
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