Public Affairs 856 Trade, Competition, and Governance in a...

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Public Affairs 856 Trade, Competition, and Governance in a Global Economy Lecture 2-3 1/25-27/2016 Instructor: Prof. Menzie Chinn UW Madison Spring 2016

Transcript of Public Affairs 856 Trade, Competition, and Governance in a...

Page 1: Public Affairs 856 Trade, Competition, and Governance in a …ssc.wisc.edu/~mchinn/pa856_lecture2_3_s16.pdf · 2016-01-27 · Public Affairs 856 Trade, Competition, and Governance

Public Affairs 856Trade, Competition, and

Governance in a Global EconomyLecture 2-3

1/25-27/2016

Instructor: Prof. Menzie ChinnUW MadisonSpring 2016

Page 2: Public Affairs 856 Trade, Competition, and Governance in a …ssc.wisc.edu/~mchinn/pa856_lecture2_3_s16.pdf · 2016-01-27 · Public Affairs 856 Trade, Competition, and Governance

Technological Parameters

• MPLw = 4• MPLc = 2• MPLw* = 1• MPLc* = 1

Page 3: Public Affairs 856 Trade, Competition, and Governance in a …ssc.wisc.edu/~mchinn/pa856_lecture2_3_s16.pdf · 2016-01-27 · Public Affairs 856 Trade, Competition, and Governance

Robert C. Feenstra and Alan M. TaylorInternational Trade, Third Edition / International Economics, Third Edition

Copyright © 2014 by Worth Publishers

Page 4: Public Affairs 856 Trade, Competition, and Governance in a …ssc.wisc.edu/~mchinn/pa856_lecture2_3_s16.pdf · 2016-01-27 · Public Affairs 856 Trade, Competition, and Governance

Robert C. Feenstra and Alan M. TaylorInternational Trade, Third Edition / International Economics, Third Edition

Copyright © 2014 by Worth Publishers

Page 5: Public Affairs 856 Trade, Competition, and Governance in a …ssc.wisc.edu/~mchinn/pa856_lecture2_3_s16.pdf · 2016-01-27 · Public Affairs 856 Trade, Competition, and Governance

Robert C. Feenstra and Alan M. TaylorInternational Trade, Third Edition / International Economics, Third Edition

Copyright © 2014 by Worth Publishers

Page 6: Public Affairs 856 Trade, Competition, and Governance in a …ssc.wisc.edu/~mchinn/pa856_lecture2_3_s16.pdf · 2016-01-27 · Public Affairs 856 Trade, Competition, and Governance

Robert C. Feenstra and Alan M. TaylorInternational Trade, Third Edition / International Economics, Third Edition

Copyright © 2014 by Worth Publishers

Page 7: Public Affairs 856 Trade, Competition, and Governance in a …ssc.wisc.edu/~mchinn/pa856_lecture2_3_s16.pdf · 2016-01-27 · Public Affairs 856 Trade, Competition, and Governance

Robert C. Feenstra and Alan M. TaylorInternational Trade, Third Edition / International Economics, Third Edition

Copyright © 2014 by Worth Publishers

Page 8: Public Affairs 856 Trade, Competition, and Governance in a …ssc.wisc.edu/~mchinn/pa856_lecture2_3_s16.pdf · 2016-01-27 · Public Affairs 856 Trade, Competition, and Governance

Robert C. Feenstra and Alan M. TaylorInternational Trade, Third Edition / International Economics, Third Edition

Copyright © 2014 by Worth Publishers

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Robert C. Feenstra and Alan M. TaylorInternational Trade, Third Edition / International Economics, Third Edition

Copyright © 2014 by Worth Publishers

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Real Wage Determination

• Note that Pw/Pc is relative price = 2/3• Home Wage• MPLw = 4 bushels or • (Pw/Pc)×MPLw = 8/3 yards• Foreign Wage• (Pc*/Pw*)×MPLc* = 3/2 bushels or• MPLc* = 1 yard

Page 11: Public Affairs 856 Trade, Competition, and Governance in a …ssc.wisc.edu/~mchinn/pa856_lecture2_3_s16.pdf · 2016-01-27 · Public Affairs 856 Trade, Competition, and Governance

Robert C. Feenstra and Alan M. TaylorInternational Trade, Third Edition / International Economics, Third Edition

Copyright © 2014 by Worth Publishers

Page 12: Public Affairs 856 Trade, Competition, and Governance in a …ssc.wisc.edu/~mchinn/pa856_lecture2_3_s16.pdf · 2016-01-27 · Public Affairs 856 Trade, Competition, and Governance

Robert C. Feenstra and Alan M. TaylorInternational Trade, Third Edition / International Economics, Third Edition

Copyright © 2014 by Worth Publishers

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Robert C. Feenstra and Alan M. TaylorInternational Trade, Third Edition / International Economics, Third Edition

Copyright © 2014 by Worth Publishers

Page 14: Public Affairs 856 Trade, Competition, and Governance in a …ssc.wisc.edu/~mchinn/pa856_lecture2_3_s16.pdf · 2016-01-27 · Public Affairs 856 Trade, Competition, and Governance

Robert C. Feenstra and Alan M. TaylorInternational Trade, Third Edition / International Economics, Third Edition

Copyright © 2014 by Worth Publishers

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Robert C. Feenstra and Alan M. TaylorInternational Trade, Third Edition / International Economics, Third Edition

Copyright © 2014 by Worth Publishers

Page 16: Public Affairs 856 Trade, Competition, and Governance in a …ssc.wisc.edu/~mchinn/pa856_lecture2_3_s16.pdf · 2016-01-27 · Public Affairs 856 Trade, Competition, and Governance

Robert C. Feenstra and Alan M. TaylorInternational Trade, Third Edition / International Economics, Third Edition

Copyright © 2014 by Worth Publishers

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Robert C. Feenstra and Alan M. TaylorInternational Trade, Third Edition / International Economics, Third Edition

Copyright © 2014 by Worth Publishers

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Robert C. Feenstra and Alan M. TaylorInternational Trade, Third Edition / International Economics, Third Edition

Copyright © 2014 by Worth Publishers

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Robert C. Feenstra and Alan M. TaylorInternational Trade, Third Edition / International Economics, Third Edition

Copyright © 2014 by Worth Publishers

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Robert C. Feenstra and Alan M. TaylorInternational Trade, Third Edition / International Economics, Third Edition

Copyright © 2014 by Worth Publishers

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Robert C. Feenstra and Alan M. TaylorInternational Trade, Third Edition / International Economics, Third Edition

Copyright © 2014 by Worth Publishers

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Robert C. Feenstra and Alan M. TaylorInternational Trade, Third Edition / International Economics, Third Edition

Copyright © 2014 by Worth Publishers

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Robert C. Feenstra and Alan M. TaylorInternational Trade, Third Edition / International Economics, Third Edition

Copyright © 2014 by Worth Publishers

Page 24: Public Affairs 856 Trade, Competition, and Governance in a …ssc.wisc.edu/~mchinn/pa856_lecture2_3_s16.pdf · 2016-01-27 · Public Affairs 856 Trade, Competition, and Governance

Robert C. Feenstra and Alan M. TaylorInternational Trade, Third Edition / International Economics, Third Edition

Copyright © 2014 by Worth Publishers

Page 25: Public Affairs 856 Trade, Competition, and Governance in a …ssc.wisc.edu/~mchinn/pa856_lecture2_3_s16.pdf · 2016-01-27 · Public Affairs 856 Trade, Competition, and Governance

Robert C. Feenstra and Alan M. TaylorInternational Trade, Third Edition / International Economics, Third Edition

Copyright © 2014 by Worth Publishers

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Robert C. Feenstra and Alan M. TaylorInternational Trade, Third Edition / International Economics, Third Edition

Copyright © 2014 by Worth Publishers

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Robert C. Feenstra and Alan M. TaylorInternational Trade, Third Edition / International Economics, Third Edition

Copyright © 2014 by Worth Publishers


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