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Openness to trade as a determinant of the macroeconomic elasticity of substitution
Ist Teil von
Journal of macroeconomics, 2008-06, Vol.30 (2), p.691-702
Ort / Verlag
Amsterdam: Elsevier Inc
Erscheinungsjahr
2008
Link zum Volltext
Quelle
Alma/SFX Local Collection
Beschreibungen/Notizen
Several theoretical and empirical studies on economic growth consider the macroeconomic elasticity of substitution between capital and labor as a measure of economic flexibility that depends on technological as well as institutional aspects. One institutional aspect of economic flexibility is openness to trade. I examine in a Heckscher–Ohlin model with two large countries trading intermediate goods how openness affects the elasticity of substitution. If the technology has a constant elasticity of substitution in a closed economy, opening up to trade raises the elasticity of substitution only in the country that accumulates capital at a faster rate.