The cost of adjustment: On comovement between the trade balance and the terms of trade

被引：2

作者：

Dmitriev, Alexandre ^{[1
,3
]}

Roberts, Ivan ^{[2
]}

机构：

[1] Univ Tasmania, Sch Econ & Finance, Hobart, Tas 7001, Australia

[2] Reserve Bank Australia, Melbourne, Vic, Australia

[3] Australian Natl Univ, CAMA, Canberra, ACT 0200, Australia

来源：

ECONOMIC MODELLING | 2013年 / 35卷

关键词：

Capital adjustment costs; Investment adjustment costs; S-curve; International business cycles; EXCHANGE-RATE DYNAMICS; BUSINESS CYCLES; ASSET RETURNS; INVESTMENT; MODELS;

D O I：

10.1016/j.econmod.2013.08.027

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The S-shaped cross-correlation function between the trade balance and the terms of trade has been documented for several countries and time frames. The ability of two-country, two-good business cycle models to reproduce this regularity hinges on the dynamics of capital formation. We consider the consequences of modeling the adjustment costs for comovement in the trade balance and the terms of trade. Both complete and incomplete market models with capital adjustment costs a la Hayashi (1982) deliver the S-curve seen in the data while the model with investment adjustment costs a la Christiano et al. (2005) does not. (C) 2013 Elsevier B.V. All rights reserved.

引用

页码：689 / 700

页数：12

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