SNB on how a taste for the home grown impacts trade
Research published by the Swiss National Bank on Thursday supports the argument that taste diversity impedes the volume of trade and leads to group-specific gains from trade.
The author, Raphael Auer, develops a structural model of aggregate demand featuring products with heterogeneous attributes, consumers with heterogeneous tastes for attributes, and across-country differences in the distribution of tastes.
The model suggests that the impact of across-country taste differences depends on
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