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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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