Accommodating Emerging Giants in the Global Economy
研究了1960-2020年全球化和新兴经济体生产率增长如何影响美国的总收入与福利，发现贸易摩擦减少和外国生产率提升虽降低美国GDP占比，但提高了其整体福利。
How has aggregate income and welfare in the United States been affected by globalization and rapid productivity growth in emerging economies?We use the class of constant elasticity trade models to provide quantitative evidence on these questions.We find that reductions in worldwide trade frictions over the period from 1960-2020 reduced the share of the United States in global GDP but raised its aggregate welfare.Similarly, productivity growth in Japan and China led to a decline in the relative income of the United States, but brought aggregate welfare gains from the resulting expansion in global production possibilities.Trade integration and foreign productivity growth have relatively modest effects on domestic income and welfare compared to domestic productivity growth.