Capital-goods imports and US growth / by Michele Cavallo and Anthony Landry. : FB3-5/2018-1E-PDF

“Over the past 50 years, the U.S. has gone through an enormous expansion in international trade and investment. In this paper, we study the contribution of capital-goods imports to U.S. output growth. First, we document the contribution of capital-goods imports to growth in U.S. output per hour using a simple growth accounting exercise. Second, we build a neoclassical growth model with trade in capital goods to understand the underlying source of capital-goods import growth, and use our model economy to perform two counterfactual experiments and illustrate the importance of capital-goods imports for the U.S. economy"--Non-technical summary, p. [1].

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