| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w13814
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| 来源ID | Working Paper 13814
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| International Trade in Durable Goods: Understanding Volatility, Cyclicality, and Elasticities |
| Charles Engel; Jian Wang
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| 发表日期 | 2008-02-14
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| 出版年 | 2008
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| 语种 | 英语
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| 摘要 | Data for OECD countries document: 1. imports and exports are about three times as volatile as GDP; 2. imports and exports are pro-cyclical, and positively correlated with each other; 3. net exports are counter-cyclical. Standard models fail to replicate the behavior of imports and exports, though they can match net exports relatively well. Inspired by the fact that a large fraction of international trade is in durable goods, we propose a two-country two-sector model, in which durable goods are traded across countries. Our model can match the business cycle statistics on the volatility and comovement of the imports and exports relatively well. In addition, the model with trade in durables helps to understand the empirical regularity noted in the trade literature: home and foreign goods are highly substitutable in the long run, but the short run elasticity of substitution is low. We note that durable consumption also has implications for the appropriate measures of consumption and prices to assess risk-sharing opportunities, as in the empirical work on the Backus-Smith puzzle. The fact that our model can match data better in multiple dimensions suggests that trade in durable goods may be an important element in open-economy macro models. |
| 主题 | Macroeconomics
; Business Cycles
; International Economics
; International Finance
; International Macroeconomics
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| URL | https://www.nber.org/papers/w13814
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571488
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推荐引用方式
GB/T 7714 |
Charles Engel,Jian Wang. International Trade in Durable Goods: Understanding Volatility, Cyclicality, and Elasticities. 2008.
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文件名：
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w13814.pdf
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格式：
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Adobe PDF
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