CAPITAL GOODS IMPORTS, THE REAL EXCHANGE-RATE AND THE CURRENT ACCOUNT

• 成果类型: Article
• 署名作者: SERVEN, L
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/0022-1996(95)01379-K
• 发表日期: 1995
• 页码: 79-101
• 关键词: investment; current account; Exchange rate; fiscal policy

摘要

Conventional open-economy aggregate models typically rule out capital goods imports - an assumption that is completely arbitrary. This paper shows that removing such an assumption in a standard intertemporal model with investment subject to adjustment costs has major consequences for the effects of macroeconomic policies and external shocks. Long-run output and the real exchange rate are inversely related. Fiscal policy disturbances and wealth transfers from abroad alter the long-run capital stock, and a fiscal expansion may have a crowding-in impact. The sign of the current account during the transition is ambiguous, and depends critically on intertemporal consumption substitutability and investment adjustment costs.