Dynamic Factor Price Equalization & International Income Convergence.

Dynamic Factor Price Equalization & International Income Convergence.

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Bibliographic Details
Author / Creator:Shiells, Clinton R.
Imprint:Washington : International Monetary Fund, 2008.
Description:1 online resource (19 pages).
Language:English
Series:IMF Working Papers
IMF Working Papers.
Subject:
International trade -- Econometric models.
Factors of production -- Econometric models.
Prices -- Econometric models.
Production functions (Economic theory) -- Econometric models.
Convergence (Economics) -- Econometric models.
Convergence (Economics) -- Econometric models.
Factors of production -- Econometric models.
International trade -- Econometric models.
Prices -- Econometric models.
Production functions (Economic theory) -- Econometric models.
Format: E-Resource Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/12509708
Hidden Bibliographic Details
Other authors / contributors:Francois, Joseph F.
ISBN:1462373941
9781462373949
1452792461
9781452792460
1451871252
9781451871258
9786612842184
6612842180
1282842188
9781282842182
9781451915785
1451915780
Notes:English.
Print version record.
Summary: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 a.
Other form:1451915780

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