کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5087278 1478258 2014 13 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Preference shocks, international frictions, and international business cycles
ترجمه فارسی عنوان
شوکهای ترجیحی، اصطلاحات بین المللی و چرخه های تجاری بین المللی
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی


- This paper incorporates preference shocks into a standard two-country dynamic stochastic general equilibrium model in which there exist international frictions, such as costs of transportation and restrictions to international asset trade.
- Preference shocks can solve the consumption correlation puzzle and the consumption-labor volatility puzzle. But the terms-of-trade puzzle is still a puzzle.
- The presence or absence of international frictions plays a limited role in solving the puzzles.

Replicating the degree of cross-country comovements of macroeconomic aggregates, dynamics of prices and quantities of international trade, and the behavior of consumption and labor remains an important challenge in international business cycle literature. This paper incorporates preference shocks into a standard two-country model in which there exist international frictions, such as costs of transportation and restrictions to international asset trade. Country-specific preference shocks that generate fluctuations in each country's consumption and labor solve the puzzles, except for the discrepancy between theory and data regarding international trade variables. The presence or absence of international frictions plays a limited role in solving the puzzles.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Asian Economics - Volume 34, October 2014, Pages 92-104
نویسندگان
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