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UID:4381209165088c7530d2070828016875
CATEGORIES:Seminars
CREATED:20150504T155247
SUMMARY:Lunch Seminar: Kiminori Matsuyama - Northwestern University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p style="margin-bottom: 0.0001pt; line-height: normal; text-align: justify
 ;"><strong><span style="font-size: 12pt; font-family: andale mono,times;">G
 lobalization and Synchronization of Innovation Cycles</span></strong></p><p
  style="margin-bottom: 0.0001pt; line-height: normal; text-align: justify;"
 ><span style="font-size: 12pt; font-family: andale mono,times;">Abstract:</
 span></p><p style="margin-bottom: 0.0001pt; line-height: normal; text-align
 : justify;"><span style="font-size: 12pt; font-family: andale mono,times;">
 We propose and analyze a two-country model of endogenous innovation cycles.
  In autarky, innovation fluctuations in the two countries are <em>decoupled
 </em>. As the trade costs fall and intra-industry trade rises, they become 
 <em>synchronized</em>. This is because globalization leads to the alignment
  of innovation incentives across firms based in different countries, as the
 y operate in the increasingly global (hence common) market environment. Fur
 thermore, synchronization occurs faster (i.e., with a smaller reduction in 
 trade costs) when the country sizes are more unequal, and it is the larger 
 country that dictates the tempo of global innovation cycles with the smalle
 r country adjusting its rhythm to the rhythm of the larger country. These r
 esults suggest that adding endogenous sources of productivity fluctuations 
 might help improve our understanding of why countries that trade more with 
 each other have more synchronized business cycles.</span></p>
DTSTAMP:20260405T152136Z
DTSTART:20150316T130000Z
DTEND:20150316T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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