Trade and the Global Recession
We develop a dynamic multicountry general equilibrium model to investigate forces acting on the global economy during the Great Recession and ensuing recovery. Our multisector framework accounts completely for countries' trade, investment, production, and GDPs in terms of different sets of shoc...
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| Veröffentlicht in: | The American economic review 2016-11, Vol.106 (11), p.3401-3438 |
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| container_end_page | 3438 |
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| container_title | The American economic review |
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| creator | Eaton, Jonathan Kortum, Samuel Neiman, Brent Romalis, John |
| description | We develop a dynamic multicountry general equilibrium model to investigate forces acting on the global economy during the Great Recession and ensuing recovery. Our multisector framework accounts completely for countries' trade, investment, production, and GDPs in terms of different sets of shocks. Applying the model to 21 countries, we investigate the 29 percent drop in world trade in manufactures during the period 2008-2009. A shift in final spending away from tradable sectors, largely caused by declines in durables investment efficiency, accounts for most of the collapse in trade relative to GDP. Shocks to trade frictions, productivity, and demand play minor roles. |
| doi_str_mv | 10.1257/aer.20101557 |
| format | Article |
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| identifier | ISSN: 0002-8282 |
| ispartof | The American economic review, 2016-11, Vol.106 (11), p.3401-3438 |
| issn | 0002-8282 1944-7981 |
| language | eng |
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| source | Jstor Complete Legacy; Business Source Complete; American Economic Association Web |
| subjects | Consumption Economic models Economics Equilibrium GDP Global economy Gross Domestic Product International trade Investments Manufacturing Productivity Recessions Studies |
| title | Trade and the Global Recession |
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