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"Since the seminal work of Krugman, product variety has played a central role in models of trade and growth. In spite of the general use of love-of-variety models, there has been no systematic study of how the import of new varieties has contributed to national welfare gains in the United States. In this paper, we show that the unmeasured growth in product variety from U.S. imports has been an important source of gains from trade over the last three decades (1972-2001). Using extremely disaggregated data, we show that the number of imported product varieties has increased by a factor of four. We also estimate the elasticities of substitution for each available category at the same level of aggregation and describe their behavior across time and SITC-5 industries. Using these estimates, we develop an exact price index and find that the upward bias in the conventional import price index is approximately 1.2 percent per year. The magnitude of this bias suggests that the welfare gains from variety growth in imports alone are 2.8 percent of GDP"--Federal Reserve Bank of New York web site.
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Subjects
Globalization, Imports, International trade, New products, Price indexes, Product differentiationPeople
David E. WeinsteinPlaces
United StatesShowing 3 featured editions. View all 3 editions?
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Globalization and the gains from variety
2004, National Bureau of Economic Research
Electronic resource
in English
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Globalization and the gains from variety
2004, Federal Reserve Bank of New York
Electronic resource
in English
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Book Details
Edition Notes
"February 2004."
Includes bibliographical references (p. 48-50).
Also available in PDF from the NBER world wide web site (www.nber.org).
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