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SUMMARY:Harald Fadinger (University of Vienna)
DTSTART;TZID=Europe/Berlin:20250507T121500
DTEND;TZID=Europe/Berlin:20250507T133000
DTSTAMP:20260920T161745Z
UID:eab4bc1b32074d4492de6f3df9d0022b@www.econ.uni-bonn.de
CREATED:20250226T101801Z
DESCRIPTION:Industrial policies\, while often aimed at domestic industries
 \, can spur technological progress abroad. We document this mechanism in t
 he case of rare earth elements (REE) – critical inputs for manufacturing
  and the green transformation\, with low elasticity of substitution\, inel
 astic supply\, and high production and processing concentration in China. 
 Using REE-related patents classified by a large language model\, sectoral 
 TFP data\, and matched trade data\, we show that the introduction of REE e
 xport restrictions led to a global surge in innovation and exports in REE-
 intensive downstream sectors outside of China. To quantify the global impa
 ct of the adverse REE supply shock\, we develop a quantitative general equ
 ilibrium model of trade and directed technological change. Under endogenou
 s technologies\, input-supply restrictions shift the direction of innovati
 on in downstream sectors toward scarce inputs when inputs are gross comple
 ments\, which can lead to the expansion of these sectors.
LAST-MODIFIED:20250521T084840Z
URL:https://www.econ.uni-bonn.de/macro/en/seminars/mef-seminar-summer-2025
 /harald-fadinger-university-of-vienna
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