INSIGNIFICANT AND INCONSEQUENTIAL HYSTERESIS - THE CASE OF UNITED-STATES BILATERAL TRADE
成果类型：
Article
署名作者：
PARSLEY, DC; WEI, SJ
署名单位：
Harvard University
刊物名称：
REVIEW OF ECONOMICS AND STATISTICS
ISSN/ISSBN：
0034-6535
DOI：
10.2307/2110013
发表日期：
1993-11
页码：
606-613
关键词：
摘要：
This paper casts doubt on the validity of the hysteresis hypothesis as an explanation of the persistent U.S. trade deficits in the 1980s. We propose two tests to investigate two different implications of the hypothesis. The first implication is that cumulative changes in exchange rates, in addition to current exchange rate levels, are important determinants of trade flows. The second implication is that foreign exporting firms' perceptions of exchange rate volatility will affect their decisions to enter or exit the market. We find little support for either aspect of the hysteresis hypothesis.
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