Accommodating Emerging Giants in the Global Economy

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We are grateful to Princeton and Stanford Universities for research support. This paper is prepared for the IMF Economic Review for the Annual Jacques Polak Conference of the International Monetary Fund (IMF). We would like to thank Jesús Fernández-Villaverde, Emine Boz, Keith Head, Thierry Mayer, our discussant Mike Waugh, and participants at the 26th Jacques Polak Conference for helpful comments. We are grateful to David Xu for excellent research assistance. Any opinions, errors and omissions are the responsibility of the authors alone. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.