Business Cycles with Staggered Prices and International Trade in Intermediate Inputs
Business Cycles with Staggered Prices and International Trade in Intermediate Inputs
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价格交错的商业周期和中间投入的国际贸易
DOI：
10.1016/j.jmoneco.2006.05.016
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发表时间：
2007
期刊：
影响因子：
--
通讯作者：
Zheng Liu
中科院分区：
文献类型：
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作者：
K. Huang;Zheng Liu
在真实的贸易文献中，对中间投入的国际贸易以及越来越多的在多个加工阶段生产的货物的国际贸易进行了广泛的研究。我们评估的作用，现代世界贸易的这一特点，在会计的一些程式化的事实，国际商业周期。我们的模型在四个加工阶段的中间产品交错价格和贸易，很好地解释了观察到的总数量的国际相关性，它比一个单阶段模型，没有中间产品的贸易表现得更好。该模型本身并不能全面说明真实的汇率的周期性行为，但与单阶段模型相比，它的方向是正确的。
International trade in intermediate inputs and, increasingly, in goods produced at multiple stages of processing has been widely studied in the real trade literature. We assess the role of this feature of modern world trade in accounting for some stylized facts about international business cycles. Our model with staggered prices and trade in intermediates across four stages of processing does well in explaining the observed international correlations in aggregate quantities, and it performs much better than a single-stage model with no trade in intermediates. The model in itself does not provide a full account of the cyclical behavior of the real exchange rate, but, compared to the single-stage model, it moves in the right direction.