Global versus country-specific productivity shocks and the current account
نویسندگان
چکیده
منابع مشابه
Technology shocks and current account dynamics
Despite success along some dimensions, international business cycle models have difficulty replicating several salient features of international capital flows among developed countries. In particular, net exports and current account balances are much more persistent in the data than in standard models. We account for this feature of the data with a simple onegood two-country model in which tech...
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__________________________________________________________________ International trade is frequently thought of as a production technology in which the inputs are exports and the outputs are imports. Exports are transformed into imports at the rate of the price of exports relative to the price of imports: the reciprocal of the terms of trade. Cast this way, a change in the terms of trade acts a...
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ژورنال
عنوان ژورنال: Journal of Monetary Economics
سال: 1995
ISSN: 0304-3932
DOI: 10.1016/0304-3932(94)01181-9