| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13795 |
| 来源ID | Working Paper 13795 |
| Varieties and the Transfer Problem: The Extensive Margin of Current Account Adjustment | |
| Giancarlo Corsetti; Philippe Martin; Paolo Pesenti | |
| 发表日期 | 2008-02-12 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Most analyses of the macroeconomic adjustment required to correct global imbalances ignore net exports of new varieties of goods and services and do not account for firms' entry in the product market. In this paper we revisit the macroeconomics of trade adjustment in the context of the classic 'transfer problem,' using a model where the set of exportables, importables and nontraded goods is endogenous. We show that exchange rate movements associated with adjustment are dramatically lower when the above features are accounted for, relative to traditional macromodels. We also find that, for reasonable parameterizations, consumption and employment (hence welfare) are not highly sensitive to product differentiation, and change little regardless of whether adjustment occurs through movements in relative prices or quantities. This result warns against interpreting the size of real depreciation associated with trade rebalancing as an index of macroeconomic distress. |
| 主题 | International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w13795 |
| 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/571471 |
| 推荐引用方式 GB/T 7714 | Giancarlo Corsetti,Philippe Martin,Paolo Pesenti. Varieties and the Transfer Problem: The Extensive Margin of Current Account Adjustment. 2008. |
| 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 | ||
| w13795.pdf（217KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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