International business cycles: the quantitative role of transportation costs

被引：32
|
作者：
Ravn, MO
Mazzenga, E
机构：
[1] London Business Sch, Dept Econ, CEPT, London NW1 4SA, England
[2] MCCSpA, Rome, Italy
来源：
JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 2004年 / 23卷 / 04期
基金：
英国经济与社会研究理事会;
关键词：
international business cycles; home-bias in trade; terms of trade; real exchange rates; international comovements; delivery lags;
D O I：
10.1016/j.jimonfin.2004.03.001
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We evaluate the quantitative effects of introducing costs of transportation into an international trade model. We model these costs through the introduction of international transportation services sector. Costs of transportation have substantial long-run effects on welfare and may impact the pattern of trade. However, the business cycle effects on relative price movements and on international comovements are less pertinent since decreased trade volatility counteract the effects of transportation cost variations. Nevertheless, it is also shown that costs of transportation combined with delivery lags go a long way towards resolving, in particular, the international comovement puzzle. (C) 2004 Elsevier Ltd. All rights reserved.
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页码：645 / 671
页数：27
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