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来源类型Working Paper
规范类型报告
DOI10.3386/w13613
来源IDWorking Paper 13613
The Transmission of Domestic Shocks in the Open Economy
Christopher J. Erceg; Christopher Gust; David López-Salido
发表日期2007-11-26
出版年2007
语种英语
摘要This paper uses an open economy DSGE model to explore how trade openness affects the transmission of domestic shocks. For some calibrations, closed and open economies appear dramatically different, reminiscent of the implications of Mundell-Fleming style models. However, we argue such stark differences hinge on calibrations that impose an implausibly high trade price elasticity and Frisch elasticity of labor supply. Overall, our results suggest that the main effects of openness are on the composition of expenditure, and on the wedge between consumer and domestic prices, rather than on the response of aggregate output and domestic prices.
主题Macroeconomics ; Monetary Policy ; International Economics ; International Macroeconomics
URLhttps://www.nber.org/papers/w13613
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/571296
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GB/T 7714
Christopher J. Erceg,Christopher Gust,David López-Salido. The Transmission of Domestic Shocks in the Open Economy. 2007.
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