000			02470cam a22003497 4500
001			w15749
003			NBER
005			20211020111254.0
006			m o d
007			cr cnu||||||||
008			210910s2010 mau fo 000 0 eng d
100	1		_aFeenstra, Robert C. _910249
245	1	0	_aGlobalization, Markups and U.S. Welfare / _cRobert C. Feenstra, David E. Weinstein.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2010.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w15749
500			_aFebruary 2010.
520	3		_aThis paper is the first attempt to structurally estimate the impact of globalization on markups, and the effect of changing markups on welfare, in a monopolistic competition model. To achieve this, we work with a class of preferences that allow for endogenous markups and firm entry and exit that are especially convenient for empirical work - the translog preferences, with symmetry in substitution imposed across products. Between 1992 and 2005 we find the U.S. market experienced a series of changes that confirm a pro-competitive effect: import shares rose and U.S. firms exited, leading to an implied fall in markups, while product variety and welfare went up. We estimate the impacts of these effects on a national level, and find that U.S. welfare rose by as much as 0.86 percent between 1992 and 2005 as a result of these changes, with product variety contributing one-half of that total.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aE31 - Price Level • Inflation • Deflation _2Journal of Economic Literature class.
690		7	_aF12 - Models of Trade with Imperfect Competition and Scale Economies • Fragmentation _2Journal of Economic Literature class.
690		7	_aF4 - Macroeconomic Aspects of International Trade and Finance _2Journal of Economic Literature class.
700	1		_aWeinstein, David E. _922725
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w15749.
856	4	0	_uhttps://www.nber.org/papers/w15749
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w15749
942			_2ddc _cW-PAPER
999			_c332378 _d290940