The Declining Importance of Tradable Goods Manufacturing in Australia and New Zealand : : How Much Can Growth Theory Explain? / / Benjamin Hunt

• Record Nr.: UNINA9910788348503321
• Autore: Hunt Benjamin
• Pubbl/distr/stampa: Washington, D.C. : , : International Monetary Fund, , 2009
• ISBN: 1-4623-1945-9; 1-4527-4604-4; 9786612842382; 1-4518-7163-5; 1-282-84238-2
• Descrizione fisica: 1 online resource (17 p.)
• Collana: IMF Working Papers
• Soggetti: Economic development - Australia - Econometric models; Economic development - New Zealand - Econometric models; Investments: Commodities; Inflation; Production and Operations Management; Macroeconomics; Macroeconomics: Production; Economic Growth of Open Economies; Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation; Industrial Organization and Macroeconomics: Industrial Structure and Structural Change; Industrial Price Indices; Price Level; Deflation; Commodity Markets; Labor Economics: General; Investment & securities; Labour; income economics; Productivity; Commodities; Production; Prices; Labor; Industrial productivity; Commercial products; Labor economics; New Zealand
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Description based upon print version of record.
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: Contents; I. Introduction; II. An Overview of The Global Economic Model; A. Households; B. Firms; C. Government; D. Parameterization; III. The Stylized Facts; Figures; 1. Share of Tradable Goods Production in GDP; 2. Annual Labor Productivity Growth; IV. Simulation Results; A. Some Broad Features of the Simulation Results; Tables; 1. Average Annual Labor Productivity Growth 1995 to 2004; 3. Some Broad Macroeconomic Consequences of Unbalanced Growth; B. Effect of Unbalanced Growth on Tradables Production; C. Internal and External Contributions; 2. Change Over Ten Years in Share of GDP; V. Conclusions3: Simulated Changes Over Ten Years in Share of GDP; References; Appendixes; Appendix I. Calibration Details; Appendix Tables; 1: Key Steady-State Calibration Values; 2. Non-Commodity Tradables as Percent of GDP; 3. Production and Trade in Commodities as Shares of GDP; 4: Key Behavioral Parameter Values
• Sommario/riassunto: In this paper, the IMF's new Global Economy Model (GEM) is used to estimate the contribution of unbalanced growth to the decline in the share of goods production in Australia and New Zealand. The simulation results suggest that faster productivity growth in the tradable goods sector in Australia, New Zealand, and their major trading partners accounts for a significant portion of the relative decline in the importance of goods production. Over the 1995 to 2004 period, unbalanced growth explains more than 80 percent of the decline in goods production in both countries.