; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Global Imbalances and Structural Change in the United States"; ; "batchuser@example.com"; "Ruhl, Kim J.", "Kehoe, Timothy Jerome, 1953-", "Steinberg, Joseph B."; "Federal Reserve Bank of Minneapolis"; "Global imbalances", "Structural change", "Real exchange rate"; "F34 - International Lending and Debt Problems", "E13 - General Aggregative Models: Neoclassical", "O41 - One, Two, and Multisector Growth Models"; "Since the early 1990s, as the United States borrowed heavily from the rest of the world, employment in the U.S. goods-producing sector has fallen. We construct a dynamic general equilibrium model with several mechanisms that could generate declining goods-sector employment: foreign borrowing, nonhomothetic preferences, and differential productivity growth across sectors. We find that only 15.1 percent of the decline in goods-sector employment from 1992 to 2012 stems from U.S. trade deficits; most of the decline is due to differential productivity growth. As the United States repays its debt, its trade balance will reverse, but goods-sector employment will continue to fall."^^; "2018-02-05"; "2019-06-04T14:08:41.758076249+00:00"^^; "https://doi.org/10.21034/sr.489"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Thu Nov 7 20:57:57 2019"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "752", "394", "677"; "Staff report (Federal Reserve Bank of Minneapolis. Research Department)"; "489"; "Structural change", "Global imbalances", "Real exchange rate"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "Published in: _Journal of Political Economy_ (Vol. 126, No. 2, April 2018, pp. 761-796) https://doi.org/10.1086/696279."^^; ; "Publication" . ; .