| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w2616 |
| 来源ID | Working Paper 2616 |
| Deterioration of the Terms of Trade and Capital Accumulation: A Reexamination of the Laursen-Metzler Effect | |
| Partha Sen; Stephen J. Turnovsky | |
| 发表日期 | 1988-06-01 |
| 出版年 | 1988 |
| 语种 | 英语 |
| 摘要 | This paper analyzes the effects of both a permanent and a temporary deterioration In the terms of trade on a small open economy. The model, based on intertemporal optimization, emphasizes the labor-leisure choice and the role of capital accumulation There are two main conclusions to be drawn from the analysis. The first 1s that in all cases the transitional dynamics depends critically upon the long-run response of the capital stock to the deterioration m the terms of trade. This has been shown to consist of a substitution effect, which is negative, together with an income effect, which is positive. Secondly, since the steady state equilibrium depends upon the initla1 conditions of the economy, a temporary shock, by altering these initial conditions for some later date when the shock ceases, leads to a permanent effect on the economy. In the case where the substitution effect dominates, a deterioration in the terms of trade leads to a short-run reduction in investment and a short-run current account surplus, contrary to the Laursen-Metzler effect. However, when the long-run income effect dominates, the deterioration m the terms of trade leads to a short-run investment boom, accompanied by a short-term current account deficit. The Laursen-Metzler effect prevails, although it is driven by investment, rather than by savings behavior. |
| 主题 | International Economics |
| URL | https://www.nber.org/papers/w2616 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/559871 |
| 推荐引用方式 GB/T 7714 | Partha Sen,Stephen J. Turnovsky. Deterioration of the Terms of Trade and Capital Accumulation: A Reexamination of the Laursen-Metzler Effect. 1988. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w2616.pdf（834KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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