Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 孟庆来教授 (经济学系) |
全文
| 数位物件识别号 (DOI) ○○@http://aims.cuhk.edu.hk/converis/portal/Publication/2$@○○ |
引用次数
Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/2WOS source URL
其它资讯
摘要This paper re-examines the effects of a permanent terms-of-trade change on a dynamic small open economy facing an imperfect world capital market as studied in Obstfeld [198http://aims.cuhk.edu.hk/converis/portal/Publication/2. Aggregate spending and the terms of trade: is there a Laursen-Metzler effect? Quarterly Journal of Economics 97, http://aims.cuhk.edu.hk/converis/portal/Publication/251-http://aims.cuhk.edu.hk/converis/portal/Publication/270], which assumes that the economy faces a downward-sloping bond curve. The novelty of the present paper is that a saddle-path stable steady state comes into existence under the assumption that households' subjective discount rate is a decreasing function of instantaneous utility. The Harberger-Laursen-Metzler (HLM) effect is shown to hold unambiguously, i.e., an unanticipated permanent terms-of-trade deterioration leads to an increase in aggregate expenditure and a current account deficit. This result is in stark contrast to those obtained in Obstfeld [198http://aims.cuhk.edu.hk/converis/portal/Publication/2. Aggregate spending and the terms of trade: is there a Laursen-Metzler effect? Quarterly Journal of Economics 97, http://aims.cuhk.edu.hk/converis/portal/Publication/251-http://aims.cuhk.edu.hk/converis/portal/Publication/270] and many other studies in the literature. (c) http://aims.cuhk.edu.hk/converis/portal/Publication/2007 Elsevier Ltd. All rights reserved.
着者Huang KXD, Meng Q
期刊名称Journal of International Money and Finance
出版年份http://aims.cuhk.edu.hk/converis/portal/Publication/2007
月份10
日期1
卷号http://aims.cuhk.edu.hk/converis/portal/Publication/26
期次6
出版社ELSEVIER SCI LTD
页次1001 - 1015
国际标準期刊号0http://aims.cuhk.edu.hk/converis/portal/Publication/261-5606
电子国际标準期刊号1873-0639
语言英式英语
关键词current account; imperfect capital market; terms of trade; time preference
Web of Science 学科类别Business & Economics; Business, Finance; BUSINESS, FINANCE
