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DESCRIPTION:Trade Development and Political Economy Present: Structural Cha
 nge in an Open Economy by Kei-Mu YiAuthors: Timothy Uy\, Kei-Mu Yi and Jin
 g ZhangSpeaker: Kei-Mu Yi (Federal Reserve Bank of Minneapolis)Abstract: T
 he authors study the importance of international trade in structural chang
 e. Their framework has both productivity and trade cost shocks\, and allow
 s for non-unitary income and substitution elasticities. They calibrate the
 ir model to investigate South Korea's structural change between 1971 and 2
 005. They find that the shock processes\, propagated through the model's t
 wo main transmission mechanisms\, non-homothetic preferences and the open 
 economy\, explain virtually all of the evolution of agriculture and servic
 es labor shares\, and the rising part of the hump-shape in manufacturing. 
 Counterfactual exercises show that the role of the open economy is quantit
 atively important for explaining South Korea's structural change.Short Bio
 : Kei-Mu Yi is senior vice president and director of research for the Fede
 ral Reserve Bank of Minneapolis. He was formerly vice president and head o
 f Monetary and Macroeconomic Research at the Federal Reserve Bank of Phila
 delphia. Kei-Mu’s research focuses on issues relating to international tra
 de\, the fragmentation of production\, and economic growth and development
 . His work has been published in top journals such as the American Economi
 c Review\, the Journal of Political Economy\, the Review of Economics and 
 Statistics etc. He received a Ph.D. in economics from the University of Ch
 icago.
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SUMMARY:Trade Development and Political Economy present: Kei-Mu Yi
UID:RFCALITEM639141880076351880
X-ALT-DESC;FMTTYPE=text/html:Trade Development and Political Economy Presen
 t: Structural Change in an Open Economy by Kei-Mu Yi<br><br>Authors: Timot
 hy Uy\, Kei-Mu Yi and Jing Zhang<br><br>Speaker: Kei-Mu Yi (Federal Reserv
 e Bank of Minneapolis)<br><br>Abstract: The authors study the importance o
 f international trade in structural change. Their framework has both produ
 ctivity and trade cost shocks\, and allows for non-unitary income and subs
 titution elasticities. They calibrate their model to investigate South Kor
 ea's structural change between 1971 and 2005. They find that the shock pro
 cesses\, propagated through the model's two main transmission mechanisms\,
  non-homothetic preferences and the open economy\, explain virtually all o
 f the evolution of agriculture and services labor shares\, and the rising 
 part of the hump-shape in manufacturing. Counterfactual exercises show tha
 t the role of the open economy is quantitatively important for explaining 
 South Korea's structural change.<br><br>Short Bio: Kei-Mu Yi is senior vic
 e president and director of research for the Federal Reserve Bank of Minne
 apolis. He was formerly vice president and head of Monetary and Macroecono
 mic Research at the Federal Reserve Bank of Philadelphia. Kei-Mu’s researc
 h focuses on issues relating to international trade\, the fragmentation of
  production\, and economic growth and development. His work has been publi
 shed in top journals such as the American Economic Review\, the Journal of
  Political Economy\, the Review of Economics and Statistics etc. He receiv
 ed a Ph.D. in economics from the University of Chicago.
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