Structural Change in the External Balances Response to Macroeconomic Policies: Perspective from a Two‐Sector New Open Economy Macroeconomic Model
Structural Change in the External Balances Response to Macroeconomic Policies: Perspective from a Two‐Sector New Open Economy Macroeconomic Model
复制标题
外部收支结构性变化对宏观经济政策的响应：基于两部门开放经济新宏观经济模型的视角
DOI：
10.1111/roie.12087
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发表时间：
2013
期刊：
影响因子：
--
通讯作者：
S. Yamamoto
中科院分区：
文献类型：
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作者：
S. Yamamoto
1990年代，日本贸易收支对扩张性宏观经济政策冲击的反应从积极转为消极。考虑到替代品的期内（贸易品和非贸易品之间）和跨期弹性，我们使用两部门新开放经济宏观经济学（NOEM）来研究这一原因。考虑结构变化的实证方法表明，在贸易收支中断之前，替代的期内弹性占主导地位，但随后这种关系发生逆转，跨期弹性占主导地位，因此，贸易收支的理论响应发生了变化。最后，我们通过结构向量自回归的脉冲响应分析，实证验证了这一理论含义。
The response of the Japanese trade balance against expansionary macroeconomic policy shocks changed from positive to negative in the 1990s. With consideration of intratemporal (between tradable and nontradable goods) and intertemporal elasticity of substitutions, we investigate this cause using two‐sector new open economy macroeconomics (NOEM). Empirical methods, considering structural change, were applied and show that before the break, intratemporal elasticity of substitution dominates, but subsequently the relation inverted and intertemporal elasticity became predominant and hence, the theoretical response of trade balance changed. Finally, we verify this theoretical implication empirically by impulse response analysis of structural vector auto regression.