【主讲】Paolo Epifani (University of Nottingham (UK & Ningbo, China))
【主题】Trade Imbalances and Welfare in Monopolistic Competition
【时间】2015年5月11日 (周一) 15：30-17：00
【地点】上海财经大学经济学院楼801室
【语言】英文
【摘要】We study the welfare effects of trade imbalances in the CES model of monopolistic competition. We show that a trade surplus involves a tradoff relative to balanced trade: as in Dekle, Eaton and Kortum (2007; 2008), and more generally under perfect competition and constant returns to scale, it leads to a double burden (an income transfer to the deficit country and a terms-of-trade deterioration). However, in the spirit of Venables (1987) and unlike in the traditional trade theory, it also leads to a beneficial production-delocation effect. We characterize the conditions for a trade surplus to lead to a higher welfare relative to balanced trade.
