Trade wedges, inventories, and international business cycles
成果类型：
Article
署名作者：
Alessandria, George; Kaboski, Joseph; Midrigan, Virgiliu
署名单位：
Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University of Notre Dame; National Bureau of Economic Research; New York University; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2012.10.014
发表日期：
2013
页码：
1-20
关键词：
摘要：
The large, persistent fluctuations in international trade that cannot be explained in standard models by changes in expenditures and relative prices are often attributed to trade wedges. We show that these trade wedges can reflect the decisions of importers to change their inventory holdings. We find that a two-country model of international business cycles with an inventory management decision can generate trade flows and wedges consistent with the data. Moreover, matching trade flows alters the international transmission of business cycles. Specifically, real net exports become countercyclical and consumption is less correlated across countries than in standard models. We also show that ignoring inventories as a source of trade wedges substantially overstates the role of trade wedges in business cycle fluctuations. Published by Elsevier B.V.
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