Browsing Economics and Finance by Author "Epifani, P"
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Global imbalances revisited: The transfer problem and transport costs in monopolistic competition
Epifani, P; Gancia, G (2017-09-01)We study the welfare effects of trade imbalances in a two-sector model of monopolistic competition. As in perfect competition, a trade surplus involves an income transfer to the deficit country and possibly a terms-of-trade ...