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Globalization: The Macroeconomic Implications Of Microeconomic Heterogeneity (Hardcover)
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Globalization: The Macroeconomic Implications Of Microeconomic Heterogeneity (Hardcover)
Series: World Scientific Studies in International Economics, 54
Expected to ship within 10 - 15 working days
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We live in an era of globalization: ever increasing international
integration of goods, capital, and labor markets. The benefits and
costs of increased trade and financial integration in the world
today continue to be hotly debated. The reason globalization is
controversial is that the impact of globalization is often nuanced,
and theory reveals many possibilities. The impact of globalization
on macroeconomic outcomes thus remains an empirical and
quantitative question.Levchenko collects, in one volume, the
results of a multi-year research program to build heterogeneous
firm and sector models for the quantitative evaluation of
globalization. The volume explores the impact of globalization on
both welfare and macroeconomic fluctuations using these
micro-founded quantitative models.Recent advances in international
trade have built tractable theoretical models that can be
implemented numerically and used to evaluate quantitatively the
impact of a variety of phenomena. These models are global in scale
- encompassing as many as 80 countries as well as multiple sectors
- and at the same time feature rich micro-foundations of firm and
technological heterogeneity. This combination means it is now
possible to dramatically expand the set of questions that can be
answered, in particular regarding the consequences of real-world
heterogeneity present in the global economy, both at the firm and
sector level.The book uses these frameworks to address the central
questions about globalization around the world: the impacts of
reductions in trade costs, long-run changes in comparative
advantage, and migration of labor, among others. The book aims to
provide a unifying perspective that merges traditional theory,
econometric evaluation, and quantitative modeling. The running
theme of this research program is that in order to understand the
macroeconomic impact of globalization, it is essential to measure,
and model, the microeconomic heterogeneity in the economy.
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