Distortions and the Structure of the World Economyt

• 成果类型: Article
• 署名作者: Caliendo, Lorenzo; Parro, Fernando; Tsyvinski, Aleh
• 署名单位: Yale University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20190410
• 发表日期: 2022
• 页码: 274-308
• 关键词: trade; PRODUCTIVITY; IMPACT; misallocation; TECHNOLOGY; geography

摘要

We model the world economy as one system of endogenous input-out-put relationships subject to frictions and study how the world's input-output structure and world's GDP change due to changes in frictions. We derive a sufficient statistic to identify frictions from the observed world input-output matrix, which we fully match for the year 2011. We show how changes in internal frictions impact the whole structure of the world's economy and that they have a much larger effect on world's GDP than external frictions. We also use our approach to study the role of internal frictions during the Great Recession of 2007-2009. (JEL D57, E16, E23, E32, F41, G01)