| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15550 |
| DP15550 Is there consumer risk-pooling in the open economy? The evidence reconsidered | |
| Patrick Minford; Zhirong Ou; Zheyi Zhu | |
| 发表日期 | 2020-12-11 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We revisit the evidence on consumer risk-pooling and uncovered interest parity. Widely used single equation tests are strongly biased against both. Using the full-model, Indirect Inference test, which is unbiased and has Goldilocks power by Monte Carlo experiments, we find that both the risk-pooling hypothesis and its weaker UIP version are generally accepted as part of a full world DSGE model. The fact that the risk-pooling hypothesis, with its implication of strong cross-border consumer linkage, has passed this test with generally the highest p-value, suggests that it deserves serious attention from policy-makers looking for a relevant model to discuss international monetary and other business cycle issues. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Open economy Consumer risk-pooling Uip Full-model test indirect inference |
| URL | https://cepr.org/publications/dp15550 |
| 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/544554 |
| 推荐引用方式 GB/T 7714 | Patrick Minford,Zhirong Ou,Zheyi Zhu. DP15550 Is there consumer risk-pooling in the open economy? The evidence reconsidered. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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