EXCHANGE RATE, INCOME DISTRIBUTION AND TECHNICAL … · Technological progress FIGURE 1 – The...

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EXCHANGE RATE, INCOME DISTRIBUTION AND TECHNICAL CHANGE IN A BALANCE-OF-PAYMENTS CONSTRAINED GROWTH MODEL Rafael Saulo Marques Ribeiro Ph.D student at the University of Cambridge, UK Gilberto Tadeu Lima Department of Economics, University of SΓ£o Paulo, Brazil John S. L. McCombie Department of Land Economy, University of Cambridge, UK UNU-MERIT conference 26-28 November 2014

Transcript of EXCHANGE RATE, INCOME DISTRIBUTION AND TECHNICAL … · Technological progress FIGURE 1 – The...

Page 1: EXCHANGE RATE, INCOME DISTRIBUTION AND TECHNICAL … · Technological progress FIGURE 1 – The locus 𝑠𝑠= 0 𝑆𝑆 𝜎𝜎 𝐿 𝜎𝜎 𝐿 0.5 βˆ— 𝜌 0 𝛼 3 𝑆𝑆

EXCHANGE RATE, INCOME DISTRIBUTION AND TECHNICAL CHANGE IN A BALANCE-OF-PAYMENTS

CONSTRAINED GROWTH MODEL

Rafael Saulo Marques Ribeiro Ph.D student at the University of Cambridge, UK

Gilberto Tadeu Lima Department of Economics, University of SΓ£o Paulo, Brazil

John S. L. McCombie Department of Land Economy, University of Cambridge, UK

UNU-MERIT conference 26-28 November 2014

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The balance-of-payments constrained growth model revisited

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The balance-of-payments constrained growth model revisited

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Page 4: EXCHANGE RATE, INCOME DISTRIBUTION AND TECHNICAL … · Technological progress FIGURE 1 – The locus 𝑠𝑠= 0 𝑆𝑆 𝜎𝜎 𝐿 𝜎𝜎 𝐿 0.5 βˆ— 𝜌 0 𝛼 3 𝑆𝑆

The balance-of-payments constrained growth model revisited

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Endogenizing the income elasticities

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Page 6: EXCHANGE RATE, INCOME DISTRIBUTION AND TECHNICAL … · Technological progress FIGURE 1 – The locus 𝑠𝑠= 0 𝑆𝑆 𝜎𝜎 𝐿 𝜎𝜎 𝐿 0.5 βˆ— 𝜌 0 𝛼 3 𝑆𝑆

Endogenizing the income elasticities

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Page 7: EXCHANGE RATE, INCOME DISTRIBUTION AND TECHNICAL … · Technological progress FIGURE 1 – The locus 𝑠𝑠= 0 𝑆𝑆 𝜎𝜎 𝐿 𝜎𝜎 𝐿 0.5 βˆ— 𝜌 0 𝛼 3 𝑆𝑆

Technological progress

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Page 8: EXCHANGE RATE, INCOME DISTRIBUTION AND TECHNICAL … · Technological progress FIGURE 1 – The locus 𝑠𝑠= 0 𝑆𝑆 𝜎𝜎 𝐿 𝜎𝜎 𝐿 0.5 βˆ— 𝜌 0 𝛼 3 𝑆𝑆

Technological progress

FIGURE 1 – The locus 𝑠𝑠 = 0

𝑆𝑆

𝜎𝜎𝐿 0.5 πœŽπœŽπΏβˆ—

𝜌0𝛼3

π‘†π‘†βˆ—

𝜎𝜎𝐿2

1

1

𝑠𝑠 = 0

𝜎𝜎𝐿1

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Functional income distribution

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Page 10: EXCHANGE RATE, INCOME DISTRIBUTION AND TECHNICAL … · Technological progress FIGURE 1 – The locus 𝑠𝑠= 0 𝑆𝑆 𝜎𝜎 𝐿 𝜎𝜎 𝐿 0.5 βˆ— 𝜌 0 𝛼 3 𝑆𝑆

Functional income distribution

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Page 11: EXCHANGE RATE, INCOME DISTRIBUTION AND TECHNICAL … · Technological progress FIGURE 1 – The locus 𝑠𝑠= 0 𝑆𝑆 𝜎𝜎 𝐿 𝜎𝜎 𝐿 0.5 βˆ— 𝜌 0 𝛼 3 𝑆𝑆

Functional income distribution

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Functional income distribution

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FIGURE 2 – The locus οΏ½Μ‡οΏ½πœŽπΏπΏ = 0

𝑆𝑆

𝜎𝜎𝐿 0.5

𝛾0𝛾2

1

1

οΏ½Μ‡οΏ½πœŽπΏ = 0

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The technology gap and income distribution dynamics

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Page 14: EXCHANGE RATE, INCOME DISTRIBUTION AND TECHNICAL … · Technological progress FIGURE 1 – The locus 𝑠𝑠= 0 𝑆𝑆 𝜎𝜎 𝐿 𝜎𝜎 𝐿 0.5 βˆ— 𝜌 0 𝛼 3 𝑆𝑆

The technology gap and income distribution dynamics

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FIGURE 3 – The loci �̇�𝑆 = 0 and οΏ½Μ‡οΏ½πœŽπΏπΏ = 0

𝑆𝑆

𝜎𝜎𝐿 0.5

𝑆𝑆𝐸1

1

1

οΏ½Μ‡οΏ½πœŽπΏ = 0

𝜎𝜎𝐿𝐸1 𝜎𝜎𝐿𝐸2

�̇�𝑆 = 0

𝑆𝑆𝐸2

𝐸1

𝐸2

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The technology gap and income distribution dynamics

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Page 16: EXCHANGE RATE, INCOME DISTRIBUTION AND TECHNICAL … · Technological progress FIGURE 1 – The locus 𝑠𝑠= 0 𝑆𝑆 𝜎𝜎 𝐿 𝜎𝜎 𝐿 0.5 βˆ— 𝜌 0 𝛼 3 𝑆𝑆

The technology gap and income distribution dynamics

FIGURE 4 – The low wage share region

𝑆𝑆

𝜎𝜎𝐿

𝐸1

𝑑𝑠𝑠 = 0

π‘‘πœŽπœŽοΏ½πΏπΏ = 0

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The technology gap and income distribution dynamics

FIGURE 5 – The high wage share region

𝑆𝑆

𝜎𝜎𝐿

𝐸2

𝑑𝑠𝑠 = 0

π‘‘πœŽπœŽοΏ½πΏπΏ = 0

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Real exchange rate, technological progress and income distribution

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FIGURE 6 – The permanent impact of a nominal devaluation on the RER

𝑑

π‘‘Ξ˜Ξ˜

𝑅𝐸𝑅

𝑅𝐸𝑅0

𝑅𝐸𝑅𝐸𝐿

π‘‘βˆ— 0

Page 19: EXCHANGE RATE, INCOME DISTRIBUTION AND TECHNICAL … · Technological progress FIGURE 1 – The locus 𝑠𝑠= 0 𝑆𝑆 𝜎𝜎 𝐿 𝜎𝜎 𝐿 0.5 βˆ— 𝜌 0 𝛼 3 𝑆𝑆

Real exchange rate, technological progress and income distribution

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FIGURE 7 – The impact of an undervaluation in locus �̇�𝑆 = 0

𝑆𝑆

𝜎𝜎𝐿

1

1

�̇�𝑆0 = 0 �̇�𝑆1 = 0

0.5

Page 20: EXCHANGE RATE, INCOME DISTRIBUTION AND TECHNICAL … · Technological progress FIGURE 1 – The locus 𝑠𝑠= 0 𝑆𝑆 𝜎𝜎 𝐿 𝜎𝜎 𝐿 0.5 βˆ— 𝜌 0 𝛼 3 𝑆𝑆

Real exchange rate, technological progress and income distribution

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FIGURE 8 – The impact of an undervaluation on locus οΏ½Μ‡οΏ½πœŽπΏπΏ = 0

𝑆𝑆

𝜎𝜎𝐿

1

1

οΏ½Μ‡οΏ½πœŽπΏ1 = 0

0.5

οΏ½Μ‡οΏ½πœŽπΏ0 = 0

Page 21: EXCHANGE RATE, INCOME DISTRIBUTION AND TECHNICAL … · Technological progress FIGURE 1 – The locus 𝑠𝑠= 0 𝑆𝑆 𝜎𝜎 𝐿 𝜎𝜎 𝐿 0.5 βˆ— 𝜌 0 𝛼 3 𝑆𝑆

Real exchange rate, technological progress and income distribution

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FIGURE 9 – The impact of a devaluation on the dynamics between 𝑆𝑆 and 𝜎𝜎𝐿𝐿

𝑆𝑆

𝜎𝜎𝐿 𝜎𝜎𝐿𝐸2β€²

𝑆𝑆𝐸1

1

1

οΏ½Μ‡οΏ½πœŽπΏ1 = 0

𝜎𝜎𝐿𝐸1 𝜎𝜎𝐿𝐸2

�̇�𝑆 = 0

𝑆𝑆𝐸2

𝐸1

𝐸2 𝐸1β€²

𝐸2β€² 𝑆𝑆𝐸2β€²

𝜎𝜎𝐿𝐸1β€²

𝑆𝑆𝐸1β€²

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The net impact of a currency devaluation on long-term growth

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Page 23: EXCHANGE RATE, INCOME DISTRIBUTION AND TECHNICAL … · Technological progress FIGURE 1 – The locus 𝑠𝑠= 0 𝑆𝑆 𝜎𝜎 𝐿 𝜎𝜎 𝐿 0.5 βˆ— 𝜌 0 𝛼 3 𝑆𝑆

The net impact of a currency devaluation on long-term growth

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FIGURE 10 – The impact of a currency devaluation on long-term growth

𝑆𝑆

𝜎𝜎𝐿

Θ

Θ 450

𝑆𝑆𝐸(Θ)

𝜎𝜎𝐿𝐸(Θ)

𝑦𝐡𝑃0 𝑦𝐡𝑃1 𝑦𝐡𝑃2

𝜎𝜎𝐿𝐸2 𝜎𝜎𝐿𝐸2β€²

𝑆𝑆𝐸2β€²

𝑆𝑆𝐸2 𝐸2

𝐸2β€²

Θ𝐸2β€² Θ𝐸2


Carbon Nanotubes based Electrode Architectures for ...Β Β· Internal Resistance 𝑅 = πœŒπ‘‘ 𝐴 𝑅 𝑙= 𝐿 πœ…π΄ 𝑅𝑖 = 𝑑 πœ… 𝐴 𝑅𝑐 = 𝑅𝑇 𝑛𝐹𝑖0

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A Streaming Algorithm for Online Estimation of …downloads.hindawi.com/journals/jat/2017/4018409.pdftime input pattern consisting of𝐿samples of traffic data π‘‰π‘š,𝑛=[Vπ‘š,𝑛,Vπ‘š,π‘›βˆ’1,...,Vπ‘š,π‘›βˆ’πΏ+1]from

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AUTOMATIC ROOFTOP EXTRACTION IN STEREO … · as a Gaussian kernel with a standard deviation 𝜎𝜎. βˆ— is the convolution operator. 𝑑𝑑𝑖𝑖𝑑𝑑(βˆ‡πœ™πœ™/|βˆ‡πœ™πœ™|)