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- handle: 10670/1.ka5dds
- hal: hal-01921170
- doi: 10.1016/j.euroecorev.2018.07.007
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info:eu-repo/semantics/altIdentifier/doi/10.1016/j.euroecorev.2018.07.007
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Federico Trionfetti, « Firm heterogeneity, comparative advantage and the transfer problem », HAL-SHS : économie et finance, ID : 10.1016/j.euroecorev.2018.07.007
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Résumé
This paper studies the transfer problem in a model featuring comparative advantage, mo-nopolistic competition, trade costs, and firm heterogeneity in factor intensity. The results are very different from those of the previous literature. First, a transfer creates a secondary burden in situations where the neoclassical version of the Heckscher-Ohlin model would not. Second, a transfer affects wage inequality. Third, a transfer is not neutral to world welfare. Fourth, floating exchange rates do not substitute for deflation. Fifth, a simulation exercise shows that the quantitative effects of trade imbalances are comparable in magnitude to those arising from major trade agreements.