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Dynamic Factor Price Equalization & International Income Convergence

Dynamic Factor Price Equalization & International Income Convergence by Clinton R. Shiells
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The paper develops a tractable way to incorporate the micro structure of dual models of international trade into a standard class of dynamic open-economy macro models. In the process, it develops the concept of a dynamic factor price equalization set and an integrated intertemporal equilibrium. A number of results are obtained concerning trade, growth, and income convergence. Countries with higher capital/labor ratios may stay wealthier over time, both in the transition and in the new steady state. Real shocks in one country will be transmitted to the other country through the factor markets and traded goods prices.
International Monetary Fund; December 2008
17 pages; ISBN 9781452792460
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Title: Dynamic Factor Price Equalization & International Income Convergence
Author: Clinton R. Shiells; Joseph F. Francois
 
ISBNs
1451915780
9781451871258
9781451915785
9781452792460