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Global Imbalances: The Role of Non-TradableTotal Factor Productivity in Advanced Economies

Global Imbalances: The Role of Non-TradableTotal Factor Productivity in Advanced Economies by Alessandro Rebucci
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This paper investigates the role played by total factor productivity (TFP) in the tradable and nontradable sectors of the United States, the euro area, and Japan in the emergence and evolution of today's global trade imbalances. Simulation results based on a dynamic general equilibrium model of the world economy, and using the EU KLEMS database, indicate that TFP developments in these economies can account for a significant fraction of the total deterioration in the U.S. trade balance since 1999, as well as account for some the surpluses in the euro area and Japan. Differences in TFP developments across sectors can also partially explain the evolution of the real effective value of the U.S. dollar during this period.
International Monetary Fund; March 2009
39 pages; ISBN 9781452776309
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Title: Global Imbalances: The Role of Non-TradableTotal Factor Productivity in Advanced Economies
Author: Alessandro Rebucci; Nicoletta Batini; Pietro Cova; Massimiliano Pisani
 
ISBNs
1451916450
9781451872101
9781451916454
9781452776309