In this paper, we develop a multi-country, dynamic, general equilibrium model of product innovation and international trade to study the creation of comparative advantage through research and development, and the evolution of world trade over time. Our model builds upon the static analyses of trade in differentiated products by Krugman (1979a, 1981), Dixit and Norman (1980), and Feenstra and Judd (1982), as well as the closed-economy dynamic model of product development studied by Judd (1985).
In this paper, we develop a multi-country, dynamic, general equilibrium model of product innovation and international trade to study the creation of comparative advantage through research and development, and the evolution of world trade over time. Our model builds upon the static analyses of trade in differentiated products by Krugman (1979a, 1981), Dixit and Norman (1980), and Feenstra and Judd (1982), as well as the closed-economy dynamic model of product development studied by Judd (1985).
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