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Productivity, Tradability, and the Long-Run Price Puzzle / Paul Bergin, Reuven Glick, Alan M. Taylor.
- Format:
- Book
- Author/Creator:
- Bergin, Paul.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w10569.
- NBER working paper series no. w10569
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2004.
- Summary:
- Long-run cross-country price data exhibit a puzzle. Today, richer countries exhibit higher price levels than poorer countries, a stylized fact usually attributed to the Balassa- Samuelson' effect. But looking back fifty years, or more, this effect virtually disappears from the data. What is often assumed to be a universal property is actually quite specific to recent times. What might explain this historical pattern? We adopt a framework where goods are differentiated by tradability and productivity. A model with monopolistic competition, a continuum-of-goods, and endogenous tradability allows for theory and history to be consistent for a wide range of underlying productivity shocks.
- Notes:
- Print version record
- June 2004.
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