| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20498 |
| 来源ID | Working Paper 20498 |
| International Trade and Intertemporal Substitution | |
| Fernando Leibovici; Michael E. Waugh | |
| 发表日期 | 2014-09-18 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | This paper studies the dynamics of international trade flows at business cycle frequencies. We show that introducing dynamic considerations into an otherwise standard model of trade can account for several puzzling features of trade flows at business cycle frequencies. Our insight is that because international trade is time-intensive, variation in the rate at which agents are willing to substitute across time affects how trade volumes respond to changes in output and prices. We formalize this idea and calibrate our model to match key features of U.S. data. We find that, in contrast to standard static models of international trade, our model is quantitatively consistent with salient features of U.S. cyclical import fluctuations. We also find that our model accounts for two-thirds of the peak-to-trough decline in imports during the 2008-2009 recession. |
| 主题 | Macroeconomics ; International Economics ; Trade ; International Macroeconomics |
| URL | https://www.nber.org/papers/w20498 |
| 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/578170 |
| 推荐引用方式 GB/T 7714 | Fernando Leibovici,Michael E. Waugh. International Trade and Intertemporal Substitution. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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