Changes in Technology and Preferences: A General Equilibrium Explanation of Rapid Growth in Trade

Peter Dixon, Jayant Menon () and Maureen Rimmer

Australian Economic Papers, 2000, vol. 39, issue 1, 33-55

Abstract: We use a computable general equilibrium model in an explanation of the recent rapid growth in Australia's trade, particularly intra‐industry trade. Relative to previous studies of trade growth based on multiple regression analysis, our approach allows us to: (i) work at a detailed industry level; (ii) use primary variables to represent changes in technology and preferences rather than proxies; and (iii) use a framework based on explicit microeconomic foundations. We find that most of the growth in Australia's trade relative to GDP is explained by changes in technology and preferences.

Date: 2000
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