Comparing Advantages : US Trade with the Rest of the World, 1968~2008

摘要: Calibrating a stylized version of the Dornbusch-Fischer-Samuelson model, this paper finds that relative to cohort 97 trading partners, US capital stock, labor force, and nominal GDP per capita decreased, while level technology embodied in its output increased. These observed dynamics suggest shift comparative advantage that, coupled with increased production at extensive intensive margins, yields an expectation market churning. Grouping partners by World Bank income classifications reveals changes for low lower middle cohorts resulted more pronounced shifts advantage. Examining employment earnings manufacturing industries, dynamic regression model import penetration has significant negative effects on worker wages, increases exports positive employment. Variation outcomes is found across classifications, as well industries categorized trade orientation.