中文摘要
我们构建了一个将全球储蓄过剩与生产率增长相联系的模型。关键特征在于，可贸易部门是经济增长的引擎。资本从发展中国家流向美国，提升了对美国非贸易品的需求，促使美国经济活动从可贸易部门向非贸易部门重新配置。进而，可贸易部门利润下降导致企业削减创新投资。由于美国的创新决定了世界技术前沿的演进，其结果是全球生产率增长的下滑。(JEL E21, E22, E23, E44, F32, F43, O31)
Abstract
We provide a model connecting the global saving glut to productivity growth. The key feature is that the tradable sector is the engine of growth of the economy. Capital flows from developing countries to the United States boost demand for US nontradable goods, inducing a reallocation of US economic activity from the tradable sector to the nontradable one. In turn, lower profits in the tradable sector lead firms to cut back investment in innovation. Since innovation in the United States determines the evolution of the world technological frontier, the result is a drop in global productivity growth. (JEL E21, E22, E23, E44, F32, F43, O31)