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Global Rebalancing with Gravity: Measuring the Burden of Adjustment / Robert Dekle, Jonathan Eaton, Samuel Kortum.
- Format:
- Book
- Author/Creator:
- Dekle, Robert.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w13846.
- NBER working paper series no. w13846
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Global Rebalancing with Gravity
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2008.
- Summary:
- We use a forty-two country model of production and trade to assess the implications of eliminating current account imbalances for relative wages, relative GDP's, real wages, and real absorption. How much relative GDP's need to change depends on flexibility of two forms: factor mobility and the adjustment in sourcing of imports, with more flexibility requiring less change. At the extreme, US GDP falls by 30 percent relative to the world's. Because of the pervasiveness of nontraded goods, however, most domestic prices move in parallel with relative GDP, so that changes in real GDP are small.
- Notes:
- Print version record
- March 2008.
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