Relative Price Movements in Dynamic General Equilibrium Models of International Trade PDF Download
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Author: David Backus
Publisher:
ISBN:
Category : Balance of trade
Languages : en
Pages : 68
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Book Description
We examine the behavior of international relative prices from the perspective of dynamic general equilibrium theory, with particular emphasis on the variability of the terms of trade and the relation between the terms of trade and net exports. We highlight aspects of the theory that are critical in determining these properties, contrast our perspective with those associated with the Marshall-Lerner condition and the Harberger-Laursen-Metzler effect, and point out features of the data that have proved difficult to explain within existing dynamic general equilibrium models.
Author: David Backus
Publisher:
ISBN:
Category : Balance of trade
Languages : en
Pages : 68
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Book Description
We examine the behavior of international relative prices from the perspective of dynamic general equilibrium theory, with particular emphasis on the variability of the terms of trade and the relation between the terms of trade and net exports. We highlight aspects of the theory that are critical in determining these properties, contrast our perspective with those associated with the Marshall-Lerner condition and the Harberger-Laursen-Metzler effect, and point out features of the data that have proved difficult to explain within existing dynamic general equilibrium models.
Author: David K. Backus
Publisher:
ISBN:
Category :
Languages : en
Pages : 49
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Book Description
Author: T. N. Srinivasan
Publisher:
ISBN:
Category : Computer simulation
Languages : en
Pages : 30
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Book Description
Author: Gunnar Tersman
Publisher: International Monetary Fund
ISBN: 1451946139
Category : Business & Economics
Languages : en
Pages : 34
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Book Description
This paper studies the volatility of consumption relative to output in the context of a simple general equilibrium model of a small open economy subject to exogenous shocks in productivity. With infinite horizons and exogenous relative prices, the model generates variance estimates that are well above what can be observed in empirical data. While finite horizons and endogenous terms of trade reduce the volatility of consumption, the model fails to generate sufficient serial correlation with respect to the consumption growth rate. If the household’s decision problem is modified to take into account durability and adjustment costs, the model does well on both dimensions.
Author: Kemal Dervis
Publisher: Cambridge University Press
ISBN: 9780521270304
Category : Business & Economics
Languages : en
Pages : 548
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Book Description
Author: Michael B. Devereux
Publisher:
ISBN:
Category : Foreign exchange rates
Languages : en
Pages : 48
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Book Description
Author: Jaime De Melo
Publisher:
ISBN:
Category : Commercial policy
Languages : en
Pages : 108
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Book Description
Author: T. N. Srinivasan
Publisher: Cambridge, Mass. : MIT Press
ISBN:
Category : Business & Economics
Languages : en
Pages : 384
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Book Description
This collection of original essays makes a substantial contribution to the empirical analysis of trade policy and to the current debate on a new international economic order. They address policy from a strictly economic viewpoint, using computable general equilibrium models as analytical tools and assessing the strengths and weaknesses of these models, which are being increasingly used for policy analysis in international trade and other branches of economics. The essays all examine the effects of 50 percent tariff cuts on the various economies modeled. However, since some models are global (multicountry) and others are single country, such cuts can take several forms: unilateral, multilateral, or bilateral. The models show wide variation in their results. This points up the need for caution in using such models for rigid policy advice and for further improvement in data and techniques if trade modeling is to become effective. Nonetheless, the strength of such models in making explicit the implicit assumptions of policymakers and in providing a quantitative framework for trade policy evaluation is clearly revealed. T. N. Srinivasan, coauthor with Jagdish Bhagwati of Lectures on International Trade(MIT Press 1983) is Samuel C. Park Jr. Professor of Economics at Yale University. John Whalley, author of Trade Liberalization among Major World Trading Areas(MIT Press 1984) is Professor of Economics at the University of Western Ontario.
Author: John Gilbert
Publisher: Emerald Group Publishing
ISBN: 0857241419
Category : Business & Economics
Languages : en
Pages : 461
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Book Description
Intends to present the developments in the methodology and practice of CGE techniques as they apply to various issues in international trade policy. This title is suitable for academic researchers working in trade policy analysis and applied general equilibrium, and advanced graduate students in international economics.
Author: Jaime De Melo
Publisher:
ISBN:
Category : Commercial policy
Languages : en
Pages : 40
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Book Description
