Skill acquisition,credit constraints,and trade |
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| Authors: | Tatyana Chesnokova Kala Krishna |
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| Institution: | 1. Department of Economics, University of Auckland, Private Bag 92019, Auckland, New Zealand;2. Pennsylvania State University, United States;3. NBER, United States;1. Office of the Comptroller of the Currency (OCC), US Treasury Department, 400 7th St SW, Washington, DC 20219, USA;2. Federal Reserve Bank of Philadelphia, Ten Independence Mall, Philadelphia, PA 19106, USA;3. The Wharton School, University of Pennsylvania, 3620 Locust Walk, Philadelphia, PA 19104, USA;1. University of Bayreuth, Department of Law and Economics, Universitätsstr. 30, 95447 Bayreuth, Germany;2. CESifo, Germany;3. GEP, United Kingdom;4. IfW, Germany;5. ETH Zurich, Department of Management, Technology, and Economics, Weinbergstr. 35, 8092 Zurich, Switzerland;6. CEPR, United Kingdom;7. University of Tübingen, Faculty of Economics and Social Sciences, Mohlstr. 36, 72074 Tübingen, Germany;1. Federal Reserve Bank of San Francisco, 101 Market St., San Francisco, CA 94105, United States;2. Tepper School of Business, Carnegie Mellon University, 5000 Forbes Avenue, Pittsburgh, PA 15213, United States;3. Sciences Po, Paris, Departement d?Economie, 28 Rue des Saint-Pères, 75007 Paris, France;1. Infinio Systems, Inc., United States;2. IBM T. J. Watson Research Center, United States |
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| Abstract: | In this paper we develop a general equilibrium model where credit constraints limit the ability of agents with heterogeneous abilities and wealth to acquire skills. We identify a new effect, the induced Rybczynski effect, that works in the opposite direction from the normal supply response and may result in relative supply being downward-sloping. We analyze the effects of trade and show that under some conditions trade may reduce welfare. Finally, we study the effects of trade on income distribution and inequality. |
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