TRAPPED FACTORS AND CHINA'S IMPACT ON GLOBAL GROWTH
成果类型：
Article
署名作者：
Bloom, Nicholas; Romer, Paul; Terry, Stephen J.; Van Reenen, John
署名单位：
Stanford University; National Bureau of Economic Research; New York University; Boston University; Massachusetts Institute of Technology (MIT)
刊物名称：
ECONOMIC JOURNAL
ISSN/ISSBN：
0013-0133
DOI：
10.1093/ej/ueaa086
发表日期：
2021
页码：
156-191
关键词：
摘要：
After a recent increase in Chinese import competition, European firms increased innovation. We present and rationalise these patterns using 'trapped factors' at the micro level within a stylised equilibrium model of product-cycle trade and growth. Trade integration of the magnitude observed between the OECD and low-wage nations as a whole can considerably increase the long-run growth rate and welfare. In the short run exposed firms devote trapped factors to increased innovation, leading both to increased innovation at these individual firms as well as to a small amount of extra transitional growth overall. China accounts for half of the dynamic trade gains.
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