Globalization and the gains from variety

Globalization and the gains from variety
Christian M. Broda, Christian ...
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Last edited by MARC Bot
December 13, 2020 | History

Globalization and the gains from variety

"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.

Publish Date
Language
English
Pages
50

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Edition Availability
Cover of: Globalization and the gains from variety
Globalization and the gains from variety
2004, Federal Reserve Bank of New York
Electronic resource in English
Cover of: Globalization and the gains from variety
Globalization and the gains from variety
2004, National Bureau of Economic Research
Electronic resource in English
Cover of: Globalization and the gains from variety
Globalization and the gains from variety
2004, National Bureau of Economic Research
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).

Published in
Cambridge, Mass
Series
NBER working paper series -- no. 10314., Working paper series (National Bureau of Economic Research) -- working paper no. 10314.

The Physical Object

Pagination
50, [9] p. ;
Number of pages
50

ID Numbers

Open Library
OL17619493M
OCLC/WorldCat
54804778

Source records

Oregon Libraries MARC record

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December 13, 2020 Edited by MARC Bot import existing book
December 5, 2010 Edited by Open Library Bot Added subjects from MARC records.
December 5, 2010 Edited by Open Library Bot Added subjects from MARC records.
December 3, 2010 Edited by Open Library Bot Added subjects from MARC records.
December 10, 2009 Created by WorkBot add works page