Globalization, trade imbalances and inequality

• 成果类型: Article
• 署名作者: Dix-Carneiro, Rafael; Traiberman, Sharon
• 署名单位: Duke University; Duke University; National Bureau of Economic Research; New York University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2022.10.002
• 发表日期: 2023
• 页码: 48-72
• 关键词: globalization; INEQUALITY; Skill premium; Trade imbalances

摘要

What is the role of trade imbalances for the distributional consequences of globalization? We answer this question through the lens of a quantitative, general equilibrium, multi -country, multi-sector model of trade with four key ingredients: (a) workers with different levels of skills are organized into separate representative households; (b) endogenous trade imbalances arise from households' consumption and saving decisions; (c) production ex-hibits capital-skill complementarity; and (d) labor markets feature both sectoral mobility frictions and non-employment. We conduct a series of counterfactual experiments that il-lustrate the quantitative importance of both trade imbalances and capital-skill complemen-tarity for the dynamics of the skill premium. We show that modeling trade imbalances can lead to stark differences between short-and long-run consequences of globalization shocks for the skill premium. (c) 2022 Elsevier B.V. All rights reserved.