Скачать или смотреть Neoclassical Growth in an Interdependent World | Hoover Institution

Wednesday, May 21, 2025
Hoover Institution | Stanford University

Stephen Redding, the Trione Visiting Professor at the Stanford Institute for Economic Policy Research, and the Harold T. Shapiro *64 Professor in Economics at Princeton University, discussed “Neoclassical Growth in an Interdependent World.”

PARTICIPANTS

Stephen Redding, John Cochrane, Valerie Ramey, John Taylor, Pedro Carvalho, David Figlio, Paul Gregory, John Gunn, Bob Hall, Eric Hanushek, Robert Hodrick, Laurie Hodrick, Thomas Hoenig, Suhali Jalota, Ken Judd, Hyoseul Kim, Evan Koenig, Carlos Lastra, Jack Tatom, Mark Tendall, Ramin Toloui, Gavin Wright

ISSUES DISCUSSED

Stephen Redding, the Trione Visiting Professor at the Stanford Institute for Economic Policy Research, and the Harold T. Shapiro *64 Professor in Economics at Princeton University, discussed “Neoclassical Growth in an Interdependent World.”

John Cochrane, the Rose-Marie and Jack Anderson Senior Fellow at the Hoover Institution, was the moderator.

SUMMARY

We generalize the open-economy neoclassical growth model to allow for trade and capital market frictions and imperfect substitutability of goods and capital across countries. The multi-country model is tractable, amenable to quantitative analysis, and matches key empirical patterns such as gravity equations in trade and capital holdings. The degree of integration in trade and capital markets and their interaction shape adjustments to shocks and the speed of convergence to steady state. The model is well-suited to study counterfactual changes in both trade and capital market frictions, such as a decoupling between the United States and China.

To read the slides, click the following link
https://www.dropbox.com/scl/fi/0gmnc4...

To read the paper, click the following link
https://www.dropbox.com/scl/fi/72t6me...
__________
The opinions expressed on this channel are those of the authors and do not necessarily reflect the opinions of the Hoover Institution or Stanford University.

© 2025 by the Board of Trustees of Leland Stanford Junior University.

🔔 Subscribe for more discussions:  @HooverInstitution 
👍 Like and share this video!

🌐 Follow us on social media:
• Facebook:   / hooverinststanford  
• LinkedIn:   / hoover-institution-at-stanford-university  
• Instagram:   / hooverinstitution  
• TikTok:   / hooverinstitution  
• X:   / hooverinst