Entry, trade costs, and international business cycles

• 成果类型: Article
• 署名作者: Jaef, Roberto N. Fattal; Lopez, Jose Ignacio
• 署名单位: The World Bank; Hautes Etudes Commerciales (HEC) Paris
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2014.08.008
• 发表日期: 2014
• 页码: 224-238
• 关键词: international business cycle; Extensive margin; entry; Fixed export costs

摘要

Are firm entry and fixed exporting costs relevant for understanding the international transmission of business cycles? We revisit this question using a model that includes entry, selection to exporting activity, physical capital accumulation and endogenous labor supply. We determine that once the stochastic process for exogenous productivity is calibrated to consider the endogenous dynamics in TFP created by the number of firms and the time series volatility of entry is calibrated to the data, our model yields minimal departures from the Backus et al. (1992) benchmark. The richer model shares all of the successes of the previous model in terms of the volatilities of aggregate quantities, as well as its failures, in terms of replicating patterns of international co-movement and the volatility of international relative prices. (C) 2014 Elsevier B.V. All rights reserved.