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UID:4381209165088c7530d2070828016875
CATEGORIES:Seminars
CREATED:20150504T155247
SUMMARY:Lunch Seminar: Kiminori Matsuyama - Northwestern University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Globalization and Synchronization of Innovation Cycles\nAbstract:\nWe propo
 se and analyze a two-country model of endogenous innovation cycles. In auta
 rky, innovation fluctuations in the two countries are decoupled. As the tra
 de costs fall and intra-industry trade rises, they become synchronized. Thi
 s is because globalization leads to the alignment of innovation incentives 
 across firms based in different countries, as they operate in the increasin
 gly global (hence common) market environment. Furthermore, synchronization 
 occurs faster (i.e., with a smaller reduction in trade costs) when the coun
 try sizes are more unequal, and it is the larger country that dictates the 
 tempo of global innovation cycles with the smaller country adjusting its rh
 ythm to the rhythm of the larger country. These results suggest that adding
  endogenous sources of productivity fluctuations might help improve our und
 erstanding of why countries that trade more with each other have more synch
 ronized business cycles.\n
DTSTAMP:20260405T152004Z
DTSTART:20150316T130000Z
DTEND:20150316T140000Z
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TRANSP:OPAQUE
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