| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12783 |
| DP12783 BKK the EZ Way. International Long-Run Growth News and Capital Flows. | |
| Mariano Massimiliano Croce; Ric Colacito | |
| 发表日期 | 2018-03-08 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We study the response of international investment flows to short- and long-run growth news. Among developed G7 countries, positive long-run news for domestic productivity induces a net outflow of investments, in contrast to the effects of short-run growth shocks. We document that a standard Backus, Kehoe, and Kydland (1994) (BKK) model fails to reproduce this novel empirical evidence. We augment this model with Epstein and Zin (1989) preferences (EZ-BKK) and characterize the resulting recursive risk-sharing scheme. The response of international capital flows in the EZ-BKK model is consistent with the data. |
| 主题 | Financial Economics ; International Macroeconomics and Finance ; Macroeconomics and Growth |
| URL | https://cepr.org/publications/dp12783 |
| 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/541592 |
| 推荐引用方式 GB/T 7714 | Mariano Massimiliano Croce,Ric Colacito. DP12783 BKK the EZ Way. International Long-Run Growth News and Capital Flows.. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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