| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21774 |
| 来源ID | Working Paper 21774 |
| Obstfeld and Rogoff's International Macro Puzzles: A Quantitative Assessment | |
| Jonathan Eaton; Samuel S. Kortum; Brent Neiman | |
| 发表日期 | 2015-12-07 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Obstfeld and Rogoff (2001) propose that trade frictions lie behind key puzzles in international macroeconomics. We take a dynamic multicountry model of international trade, production, and investment to data from 19 countries to assess this proposition quantitatively. Using the framework developed in Eaton, Kortum, Neiman, and Romalis (2016), we revisit the puzzles in a counterfactual world without trade frictions in manufactures. Removing these trade frictions goes a long way toward resolving a number of the puzzles: The dependence of domestic investment on domestic saving falls by half or disappears entirely, mitigating the Feldstein-Horioka (1980) puzzle. Changes in nominal GDPs in U.S. dollars become less variable across countries and line up with changes in real GDPs as much as with real exchange rates, mitigating the exchange rate disconnect puzzle. Less dramatically, changes in consumption become more correlated across countries, mitigating the consumption correlations puzzle and changes in real exchange rates become less variable across countries, mitigating the relative purchasing power parity puzzle. |
| 主题 | Macroeconomics ; Business Cycles ; International Economics ; Trade ; International Macroeconomics |
| URL | https://www.nber.org/papers/w21774 |
| 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/579448 |
| 推荐引用方式 GB/T 7714 | Jonathan Eaton,Samuel S. Kortum,Brent Neiman. Obstfeld and Rogoff's International Macro Puzzles: A Quantitative Assessment. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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