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UID:675819be7938ac5e3a61ca7e0c3e2114
DTSTAMP:20240502T150439Z
SUMMARY:Dr. Mario Crucini\, Vanderbilt University 
DESCRIPTION: \n\nDistribution capital and the short- and long-run import de
 mand\nelasticity\,\n\nAbstract\n\nThe elasticity of substitution between h
 ome and foreign goods is one\nof the most important parameters in internat
 ional economics. The\ninternational macro literature\, which is primarily 
 concerned with\nshort-run business cycle fluctuations\, assigns a low val
 ue to this\nparameter. The international trade literature\, which is more 
 concerned\nwith long-run changes in trade flows following a change in rel
 ative\nprices\, assigns a high value to this parameter. This paper constru
 cts\na model where this discrepancy between the short- and long-run\nelast
 icities is due to frictions in distribution. Goods need to be\ncombined wi
 th a local non-traded input\, distribution capital\, which is\ngood speci
 fic. Home and foreign goods may be close substitutes\, but\nif distributi
 on capital is slow to adjust then agents cannot shift\ntheir consumption i
 n the short run following a change in relative\nprices\, and home and fore
 ign goods appear as poor substitutes in the\nshort run. In the long run th
 is distribution capital can be\nreallocated\, and agents\n 
DTSTART:20160226T190000Z
DTEND:20160226T202000Z
LOCATION:Gerri C. LeBow Hall\, 3220 Market Street\, 722\, Philadelphia\, PA
  19104
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