TY  - BOOK
AU  - Kehoe,Timothy J.
AU  - Ruhl,Kim J.
AU  - Steinberg,Joseph B.
ED  - National Bureau of Economic Research.
TI  - Global Imbalances and Structural Change in the United States
T2  - NBER working paper series
PY  - 2013///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - August 2013; Hardcopy version available to institutional subscribers
N2  - Since the early 1990s, as the United States borrowed heavily from the rest of the world, employment in the U.S. goods-producing sector has fallen. We construct a dynamic general equilibrium model with several mechanisms that could generate declining goods-sector employment: foreign borrowing, nonhomothetic preferences, and differential productivity growth across sectors. We find that only 15.1 percent of the decline in goods-sector employment from 1992 to 2012 stems from U.S. trade deficits; most of the decline is due to differential productivity growth. As the United States repays its debt, its trade balance will reverse, but goods-sector employment will continue to fall
UR  - https://www.nber.org/papers/w19339
UR  - http://dx.doi.org/10.3386/w19339
ER  -