| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4933 |
| DP4933 Rising Trade Costs? Agglomeration and Trade with Endogenous Transaction Costs | |
| Gilles Gilles Duranton; Michael Storper | |
| 发表日期 | 2005-02-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | The paper analyses how globalization forces induce monetary authorities, guided in their policies by the welfare criterion of a representative household, to put greater emphasis on reducing the inflation rate than on narrowing the output gaps. We demonstrate that the marginal rate of substitution between the output gap and the inflation (at a constant value of the utility-based loss function) rises when the economy is opening up to international trade in goods, and is integrated to the world capital markets. We associate the marginal rate of substitution with the sacrifice ratio, and provide evidence on trade and capital openness effects on inflation, through the efficiency channel. |
| 主题 | International Macroeconomics |
| 关键词 | Trade openness Capital-account openness Utility-based loss function |
| URL | https://cepr.org/publications/dp4933 |
| 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/533834 |
| 推荐引用方式 GB/T 7714 | Gilles Gilles Duranton,Michael Storper. DP4933 Rising Trade Costs? Agglomeration and Trade with Endogenous Transaction Costs. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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