G2TT
来源类型Discussion paper
规范类型论文
来源IDDP4933
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
URLhttps://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.
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