| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17501 |
| 来源ID | Working Paper 17501 |
| Traded and Nontraded Goods Prices, and International Risk Sharing: an Empirical Investigation. | |
| Giancarlo Corsetti; Luca Dedola; Francesca Viani | |
| 发表日期 | 2011-10-13 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | Accounting for the pervasive evidence of limited international risk sharing is an important hurdle for open-economy models, especially when these are adopted in the analysis of policy trade-offs likely to be affected by imperfections in financial markets. Key to the literature is the evidence, at odds with efficiency, that consumption is relatively high in countries where its international relative price (the real exchange rate) is also high. We reconsider the relation between cross-country consumption differentials and real exchange rates, by decomposing it into two components, reflecting the prices of tradable and nontradable goods, respectively. We document that, as a common pattern among OECD countries, both components tend to contribute to the overall lack of risk sharing, with the tradable price component playing the dominant role in accounting for efficiency deviations. We relate these findings to two mechanisms proposed by the literature to reconcile open economy models with the data. One features strong Balassa-Samuelson effects on nontradable prices due to productivity gains in the tradable sector, with a muted offsetting response of tradable prices. The other, endogenous income effects causing nontradable but especially tradable prices to appreciate with a rise in domestic consumption demand. |
| 主题 | International Economics ; International Macroeconomics |
| URL | https://www.nber.org/papers/w17501 |
| 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/575176 |
| 推荐引用方式 GB/T 7714 | Giancarlo Corsetti,Luca Dedola,Francesca Viani. Traded and Nontraded Goods Prices, and International Risk Sharing: an Empirical Investigation.. 2011. |
| 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 | ||
| w17501.pdf（444KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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