By Liang Bai and Sebastian Stumpner. In American Economic Review: Insights (Forthcoming).
Abstract
"We estimate the size of US consumer gains from Chinese imports
during 2004-2015. Using barcode-level price and expenditure data, we
construct inflation rates under CES preferences, and use Chinese exports
to Europe as an instrument. We find significant negative effects of
Chinese imports on US prices. This effect is driven by both changes in
the prices of existing goods and the entry of new goods and it is
similar across consumer groups by income or region. A simple
benchmarking exercise suggests that Chinese imports led to a 0.19 ppt
annual reduction in the price index for consumer tradables."
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