| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11911 |
| DP11911 Explaining International Business Cycle Synchronization: Recursive Preferences and the Terms of Trade Channel | |
| Robert Kollmann | |
| 发表日期 | 2017-03-17 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | The business cycles of advanced economies are synchronized. Standard macro models fail to explain that fact. This paper presents a simple model of a two-country, two-traded good, complete-financial-markets world in which country-specific productivity shocks generate business cycles that are highly correlated internationally. The model assumes recursive intertemporal preferences (Epstein-Zin-Weil), and a muted response of labor hours to household wealth changes (due to Greenwood-Hercowitz-Huffman period utility and demand-determined employment under rigid wages). Recursive intertemporal preferences magnify the terms of trade response to country-specific shocks. Hence, a productivity (and GDP) increase in a given country triggers a strong improvement of the foreign country’s terms of trade, which raises foreign labor demand. With a muted labor wealth effect, foreign labor and GDP rise, i.e. domestic and foreign real activity comove positively. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | International business cycle synchronization Recursive preferences Terms of trade Real exchange rate Wealth effect on labor supply |
| URL | https://cepr.org/publications/dp11911 |
| 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/540723 |
| 推荐引用方式 GB/T 7714 | Robert Kollmann. DP11911 Explaining International Business Cycle Synchronization: Recursive Preferences and the Terms of Trade Channel. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
| 个性服务 |
| 推荐该条目 |
| 保存到收藏夹 |
| 导出为Endnote文件 |
| 谷歌学术 |
| 谷歌学术中相似的文章 |
| [Robert Kollmann]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Robert Kollmann]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Robert Kollmann]的文章 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
