| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3391 |
| DP3391 Electronic Money and the Optimal Size of Monetary Unions | |
| Paul De Grauwe; Claudia Costa Storti | |
| 发表日期 | 2002-05-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | This Paper introduces Heckscher-Ohlin trade features into a two-country DSGE model, and studies how productivity shocks propagate through trade in goods. In comparison with standard models, the business cycle properties of our framework are broadly compatible with the empirical evidence. Moreover, the model yields some novel predictions that distinguish it from the existing international real business cycle literature: (1) transitory shocks to productivity have permanent effects on country-level aggregate variables; (2) aggregate productivity shocks have relevant effects on the sectoral allocation of production factors; (3) under complete asset markets, the international correlation of consumption is lower than that of output; (4) the model?s predictions on the correlation of the terms of trade with the main aggregate variables are compatible with the data. |
| 主题 | International Trade and Regional Economics |
| 关键词 | International trade Heckscher-ohlin Business cycles Productivity shocks |
| URL | https://cepr.org/publications/dp3391 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532413 |
| 推荐引用方式 GB/T 7714 | Paul De Grauwe,Claudia Costa Storti. DP3391 Electronic Money and the Optimal Size of Monetary Unions. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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