G2TT
来源类型Discussion paper
规范类型论文
来源IDDP7980
DP7980 Technology Shocks: Novel Implications for International Business Cycles
Andrea Raffo
发表日期2010-09-01
出版年2010
语种英语
摘要Understanding the joint dynamics of international prices and quantities remains a central issue in international business cycles. International relative prices appreciate when domestic consumption and output increase more than their foreign counterparts. In addition, both trade flows and trade prices display sizable volatility. This paper incorporates Hicks-neutral and investment-specific technology shocks into a standard two-country general equilibrium model with variable capacity utilization and weak wealth effects on labor supply. Investment-specific technology shocks introduce a source of fluctuations in absorption similar to taste shocks, thus reconciling theory and data. The paper also presents implications for the transmission mechanism of technology shocks across countries and for the Barro and King (1984) critique of investment shocks.
主题International Macroeconomics
关键词Backus-smith puzzle Investment-specific technology shocks International business cycles
URLhttps://cepr.org/publications/dp7980
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/536817
推荐引用方式
GB/T 7714
Andrea Raffo. DP7980 Technology Shocks: Novel Implications for International Business Cycles. 2010.
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