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SUMMARY:08.07.2026 - Pol Antras (Harvard University)
DTSTART;TZID=Europe/Berlin:20260708T120000
DTEND;TZID=Europe/Berlin:20260708T131500
DTSTAMP:20260728T142047Z
UID:cb2f42107cbb44ed995123135afecb0d@www.econ.uni-bonn.de
CREATED:20260316T120125Z
DESCRIPTION:We develop a general equilibrium model of international trade 
 in which the temporal structure of production is a key determinant of comp
 arative advantage. Building on Böhm-Bawerk’s theory of capital\, the mo
 del formalizes the idea that production processes with longer average peri
 ods of production (APPs) entail higher financing costs due to the time lag
  between input payments and revenue realization. We embed this insight int
 o a multi-sector Ricardian framework with endogenous interest rates. Under
  autarky\, countries with more patient consumers or more developed financi
 al markets exhibit lower equilibrium interest rates and higher wage rates.
  With international trade\, these countries typically gain a comparative a
 dvantage in sectors with longer APPs\, though the model can also generate 
 multiple equilibria and unconventional specialization patterns. We extend 
 the framework to include trade costs (incl. of shipment delays)\, global v
 alue chains and international capital-market integration.
LAST-MODIFIED:20260629T092553Z
URL:https://www.econ.uni-bonn.de/macro/en/seminars/mef-seminar-summer-26/p
 ol-antras-harvard
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