Resources, innovation and growth in the global economy
成果类型：
Article
署名作者：
Peretto, Pietro F.; Valente, Simone
署名单位：
Duke University; Swiss Federal Institutes of Technology Domain; ETH Zurich
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2011.07.001
发表日期：
2011
页码：
387-399
关键词：
摘要：
The relative performance of open economies is analyzed in an endogenous growth model with asymmetric trade. A resource-rich country trades resource-based intermediates for final goods produced by a resource-poor economy. The effects of an increase in the resource endowment depend on the elasticity of substitution between resources and labor in intermediates' production. Under substitution (complementarity), the resource boom generates higher (lower) income, lower (higher) employment in the primary sector and faster (slower) growth in the resource-rich economy. In the resource-poor economy, the shock induces a higher (lower) relative wage and positive (negative) growth effects that are exclusively due to trade. (C) 2011 Elsevier By. All rights reserved.
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